Luxembourg authorities raided the premises of EFG Bank last week as part of a preliminary investigation into the institution’s compliance with anti-money-laundering (AML) and counterterrorism-financing (CTF) laws, according to new reporting by Paperjam. 

The probe, which began in 2025, is examining whether the Swiss private bank is conducting customer due diligence checks, cooperating with with competent authorities, and properly organized under the nation’s AML/CTF framework, according to the report. Authorities are particularly focused on breaches of the jurisdiction’s AML law as amended in November 2004. 

A spokesperson for the bank confirmed the raid and said the institution was fully cooperating with local authorities, the Luxembourg Times said on Friday. 

EFG, which provides private-banking and asset-management services, has some 161 employees working in the Grand Duchy, the Times said. The local affiliate is a subsidiary of EFG International, which reported a net profit of 325.2 million Swiss francs in fiscal year 2025, according to the report. 

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