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Swiss attorney general opens criminal proceedings against bank BSI

Reuters
A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, March 1, 2015. REUTERS/Olivia Harris/File Photo (Reuters)

ZURICH (Reuters) - Switzerland's Office of the Attorney General (OAG) has opened criminal proceedings against Swiss bank BSI in connection with embattled Malaysian state fund 1Malaysia Development Berhad (1MDB), it said on Tuesday.

"The OAG suspects deficiencies in the internal organization of the BSI SA bank," the OAG said in a statement. "It is believed that due to these deficiencies, the bank was unable to prevent the commission of offences currently under investigation in the criminal proceedings relating to 1MDB."

In February, Swiss bank EFG International <EFGN.S> agreed to buy BSI from Brazil-based BTG Pactual <BBTG11.SA> for 1.33 billion Swiss francs ($1.34 billion).

In a separate statement, Swiss financial watchdog FINMA said it found BSI in breach of money laundering regulations in connection with 1MDB.

(Reporting by Joshua Franklin; Editing by Maria Sheahan)