News
Print Article

Lux Regulator suspends Rothschild ex-CEO for ten years-AML and governance and prudent risk management

01/04/2020

Luxembourg's finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period.

The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance and prudent risk management when managing the bank.

It also found the former CEO had failed to safeguard measures against money laundering and financing terrorism. In 2017, two years after Ambroisien had stepped down, Edmond de Rothschild was fined almost €9 million by the CSSF for not applying rules aimed at fighting money laundering and hindering terrorism financing.

The bank said in its 2017 annual report that it had paid the fine after the CSSF had notified it of a possible fraud involving former Malaysia Prime Minister Najib Razak's 1MDB investment fund. It said the fine had ended the legal proceedings in which it had "actively collaborated".

The fund became embroiled in a prominent financial scandal after missing payments and a Wall Street Journal investigation which traced almost $700 million from the fund to Najib's personal bank accounts.

Court cases linked to the scandal are still ongoing in various jurisdictions. In mid-March, Malaysian authorities said they recovered $322 million from the fund, a fraction of the fraud's value estimated at $4.5 billion.

Edmond de Rothschild did not want to comment on the CSSF's decision suspending Marc Ambroisien saying it was "a decision taken on an individual and personal basis".

https://luxtimes.lu/luxembourg/40271-regulator-suspends-rothschild-ex-ceo-for-ten-years

General

The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more

Gallery

View our latest imagery from our news and work

Find out more

Contact

Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.