Reprimand for former Julius Baer boss after Venezuela graft
Swiss financial regulator raps Boris Collardi over money laundering probe
Zurich — Former Julius Baer Group CEO Boris Collardi was reprimanded by Switzerland’s financial regulator over a money-laundering probe that has cast a shadow over his move to Geneva private bank Pictet & Cie.
Collardi will not face further penalties in the case, related to alleged corruption in Venezuela, according to a statement sent on Thursday. Separately, Swiss watchdog Finma said it is starting enforcement proceedings against one unidentified Baer manager. The actions come almost a year after the regulator said the bank fell significantly short in combating money laundering in its Latin American business between 2009 and early 2018...
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