2023-08-25 14:11:32
Published on August 25, 2023 at 4:11 p.m. Modified on August 25, 2023 at 4:12 PM.
How much control should a bank exercise when one of its wealthy clients transfers millions to Singapore, claiming to buy $21 million worth of sewing machines? More thorough checks than those carried out by Mirabaud Middle East Limited (MMEL), judged the overseer of Dubai finance, which imposed a $3 million fine on July 18 to a local entity of the Geneva banking group.
This army of sewing machines was to be installed in the maid’s rooms of apartments belonging to this client, the founder and president of a Russian conglomerate, had justified the manager of MMEL who took care of his accounts. The latter were classified as high risk by the bank, which should have limited their activity to financial investments, and not to commercial payments, notes the Gotham City site, which analyzed this file dating back to the years 2018 to 2021.
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