Swiss watchdog raps Julius Bär over money- laundering risk
The Swiss bank has been barred from making large acquisitions until it is fully compliant with the law
20 February 2020 - 11:47
Zurich — Switzerland’s financial markets watchdog has found serious shortcomings in Julius Bär’s efforts to combat money laundering over nearly a decade, appointing an auditor and prohibiting the bank from doing large acquisitions.
Watchdog Finma said in a statement that the failings between 2009 and early 2018 were connected to alleged cases of corruption linked to Venezuelan oil company PDVSA and world soccer body Fifa, resulting in enforcement proceedings that Finma has now concluded...
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