EFG Faced Penalty Due to Missing Registration for Future Trading Contracts

EFG Faced Penalty Due to Missing Registration for Future Trading Contracts

EFG Bank of Switzerland faced a penalty of HK$2 million by Hong Kong Securities Regulatory Commission for not keeping a record of registration required for upcoming trading purposes.

https://cn.reuters.com/article/%E9%A6%99%E6%B8%AF%E9%87%91%E8%9E%8D%EF%BC%9A%E7%91%9E%E5%A3%AB%E7%9B%88%E4%B8%B0%E9%93%B6%E8%A1%8C%E9%81%AD%E8%AF%81%E7%9B%91%E4%BC%9A%E8%B0%B4%E8%B4%A3%E5%8F%8A%E7%BD%9A%E6%AC%BE200%E4%B8%87%E6%B8%AF%E5%85%83%EF%BC%8C%E5%9B%A0%E6%9C%9F%E8%B4%A7%E4%BA%A4%E6%98%93%E8%BF%9D%E8%A7%84-idCNL4S1P62ZI

British Financial Regulators Fined EFG for Poor Money Laundering Regulation Swiss private banking group EFG International associated with UK subsidiary has been charged 4.2 million pounds by the British financial regulator for not complying with effective money laundering regulation for its elites customers. There is a case reported in which the customer of EFG got money from her father who was having charges of murder and crimes. The bank accepted the money without ensuring the authentic source stating that the money is clean.

https://www.internationalinvestment.net/internationalinvestment/news/3721900/trade-finance-risk-financial-crime-fca-warns

The Replacement of EFG Chief Executive by EFG International
One of the news reported that there was an announcement made by EFG international that the following year new executive will take the duty and the current chief executives will hold his position till the end of the year. This news was announced after purchasing the BSI bank by EFG.

Notorious Fraudster Nirav Modi Laundered Money to EFG Bank
A source uncovered the famous fraudster Nirav Modi who took his sister help and illegally laundered money from the Belvedere Holdings Group Ltd Singapore bank to EFG bank.

https://indianexpress.com/article/business/after-pnb-fraud-case-nirav-modi-moved-rs-89-crore-from-singapore-to-zurich-5659557/

EFG is Being Sued by Ex Management Director
EFG bank is being sued by Dmitri Rozanov who was a former banker at EFG working as managing director. He was also a market co-coordinator for Europe and Russian till he tried to remind the bank about risks associated with transactions as a whistleblower. He got removed from his job. He is still claiming that he got his job vanished because he acted as a whistleblower over a weak system of the bank. The case is based on the employed tribunal.

https://www.finews.asia/finance/27173-ex-efg-banker-sues-former-employer

EFG Along with other Banks is Accused in Kuwaiti Scandal of Pensions
The Ex-head of the social security fund in Kuwait is found to be the culprit in the money laundering case. EFG Bank is accused in this case along with the other three banks. He made a fraud of 390 million dollars from the pension funds.

https://www.finews.com/news/english-news/42200-kuwait-al-rajaan-mirabaud-pictet-efg-union-bancaire-privee

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