April 4, 2017 / 4:29 PM / 2 years ago

Swiss financial body FINMA discontinues 1MDB investigation into UBS

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

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.

“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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