RPT-Stung by loss of secrecy at home, Swiss banks run into trouble in Asia
(Repeats story published late Tuesday. No change to text.)
* Erosion of Swiss banking secrecy means loss of business
* BSI and others look to riskier Asia in hunt for wealth to manage
* FINMA has opened enforcement proceedings against six other banks
By Joshua Franklin, Saeed Azhar and Anshuman Daga
ZURICH/SINGAPORE, May 24 (Reuters) - Regulators' closure of the Swiss BSI bank's Asian outpost for failing in its duty to prevent money-laundering has highlighted the risks of hunting wealthy clients farther afield as Swiss banks' traditional line in hiding money from foreign tax men is choked off.
The Swiss banking watchdog FINMA has already opened enforcement proceedings against no fewer than six other unnamed Swiss banks in relation to either the Malaysian fund that tripped up BSI or a separate scandal involving Brazil's state-controlled oil producer, Petrobras.
"We've made clear over recent years and months that we see money-laundering risk as having risen in our country," FINMA Chief Executive Mark Branson told reporters.
"We're concerned that not all organisations have matched their control processes to this increased risk." Continuación...