On Thursday BSI hit back with an appeal to the Federal Administrative Court, arguing that FINMA had overstepped its authority in a manner that has “severely harmed the reputation of the bank and its employees.” “BSI believes that FINMA’s procedure leading to the decision was flawed in many respects and FINMA’s decision as such is disproportionate and incorrect,” the bank said in a statement. It added that it had cooperated with the FINMA investigation and closed down its business with 1MDB in early 2015.
