Swiss watchdog reprimands Bank SYZ for breaching money laundering rules


ZURICH, Sept 24 (Reuters) - Swiss financial market supervisor FINMA on Thursday reprimanded private Bank SYZ over money laundering rules breaches involving a business relationship with a politically exposed Angolan client who made transactions worth tens of millions of Swiss francs.

"FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client's assets," the financial watchdog said in a statement. "The bank did not adequately resolve issues that should have raised suspicions."

(Reporting by Brenna Hughes Neghaiwi, editing by John Miller)

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