April 4, 2017 / 4:26 PM / in 7 months

Swiss financial body FINMA discontinues 1MDB investigation into UBS

ZURICH (Reuters) - Swiss financial body FINMA said on Tuesday it had discontinued its investigation into UBS Group AG (UBSG.S) in connection with Malaysia’s scandal-tainted 1MDB fund.

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich

“FINMA recently discontinued its investigation into UBS. FINMA found no systematic, serious misconduct, but sent the bank a written reprimand,” FINMA said in a statement following its annual media conference.

In October, UBS was fined 1.3 million Singapore dollars ($930,000) by Singapore’s central bank for breaches in Singapore’s anti-money laundering law.

Reporting by Silke Koltrowitz

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