Coutts even went so far as to begin a further business relationship with the unnamed businessman in the summer of 2012.
As well as the hefty fine from FINMA, Coutts was also ordered to pay S$2.4m ($1.7m) by the Monetary Authority of Singapore (MAS) in a separate investigation into 1MDB-related fund flows and breaches of anti-money laundering rules.
The bank employees responsible for the transactions could also face enforcement proceedings by FINMA, who have taken action against a further five banks in relation to the 1MDB case as well as Coutts, one of which was dissolved completely, and another had its authorisation withdrawn.
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