Swiss bank BSI said it has appealed a ruling ordering its dissolution over links to the 1Malaysia Development Berhad (1MDB).
The appeal was filed in Swiss Federal Administrative Court, AFP reported today.
The bank is appealing to overturn a decision by banking authority FINMA which found BSI in breach of money laundering regulations.
FINMA is the Swiss Financial Market Supervisory Authority.
On May 23, FINMA approved the dissolution of the BSI bank, citing "serious breaches" of money-laundering regulations in its dealings with the 1MDB.
READ: BSI says bank's new management not linked to 1MDB
READ: Singapore kicks out Swiss bank linked to 1MDB
The bank in a statement said FINMA's procedure leading to the decision was flawed in many respects and that the decision was disproportionate and incorrect, AFP reported.
BSI said it had been fully transparent about its relations with 1MDB over the past year.
"Where deficiencies have been recognised, BSI has taken and continues to take corrective measures," the bank said in the statement.
FINMA approved BSI's takeover by Zurich-based private banking group EFG International on the condition that BSI is integrated "and thereafter dissolved" within 12 months.
It ordered the seizure of 95 million Swiss francs (86 million euros/$96 million) of BSI's "illegally generated" profits.
Astro Awani
Thu Jun 23 2016
Swiss bank BSI said it has appealed a ruling ordering its dissolution over links to the 1MDB.
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