Swiss financial regulators have opened criminal proceedings against the country's BSI bank over links to corruption allegations against Malaysia's 1MDB fund.BSI chief executive Stefano Coduri has resigned with immediate effect.
Swiss prosecutors said the probe was "based on information revealed by the criminal proceedings related to 1MDB".
1MDB is faced with multiple international investigations around the world into allegations of corruption.
Switzerland's Office of the Attorney General (OAG) said it had information suggesting "the offences of money laundering and bribery of foreign public officials currently under investigation in the context of the 1MDB case could have been prevented" by BSI.
In a statement, BSI said it would co-operate with the investigation and described the case as "legacy issues and removing uncertainty for clients and staff in relation to 1MDB".
'Poor oversight'
Earlier on Tuesday, Singapore's financial regulator told BSI to shut down its Singapore branch over what it called "serious breaches of money laundering requirements".
The Monetary Authority of Singapore (MAS) also accused BSI of "poor management oversight" and "gross misconduct" by some employees.
MAS is one of the several global bodies investigating possible wrongdoing related to 1MDB.
Last month, Singapore prosecutors charged a former BSI employee as part of their investigations into the Malaysian fund.
In its latest statement, the MAS named five more individuals, including its former chief executive, to the state prosecutor to evaluate whether they committed criminal offences.
MAS also said it was the first time it had withdrawn "its approval for a merchant bank since 1984".
Swiss prosecutors said the probe was "based on information revealed by the criminal proceedings related to 1MDB".
1MDB is faced with multiple international investigations around the world into allegations of corruption.
Switzerland's Office of the Attorney General (OAG) said it had information suggesting "the offences of money laundering and bribery of foreign public officials currently under investigation in the context of the 1MDB case could have been prevented" by BSI.
In a statement, BSI said it would co-operate with the investigation and described the case as "legacy issues and removing uncertainty for clients and staff in relation to 1MDB".
'Poor oversight'
Earlier on Tuesday, Singapore's financial regulator told BSI to shut down its Singapore branch over what it called "serious breaches of money laundering requirements".
The Monetary Authority of Singapore (MAS) also accused BSI of "poor management oversight" and "gross misconduct" by some employees.
MAS is one of the several global bodies investigating possible wrongdoing related to 1MDB.
Last month, Singapore prosecutors charged a former BSI employee as part of their investigations into the Malaysian fund.
In its latest statement, the MAS named five more individuals, including its former chief executive, to the state prosecutor to evaluate whether they committed criminal offences.
MAS also said it was the first time it had withdrawn "its approval for a merchant bank since 1984".
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