Swiss bank probed in connection with Malaysia fund scandal

GENEVA (AP) — The Swiss attorney general's office said Tuesday that it has opened criminal proceedings against Swiss bank BSI SA in connection with a probe into suspected embezzlement of a Malaysian state investment fund.

Separately, Singaporean authorities said they were ordering the bank's local branch to shut down, citing "serious breaches of anti-money laundering requirements," poor management oversight and gross misconduct by some staff.

The investigation so far "suggests that the offenses of money laundering and bribery of foreign public officials currently under investigation in the context of the 1MDB case could have been prevented had BSI SA been adequately organized," the attorney general's office said.