Julius Baer Seriously Breached Risk and Money Laundering Rules, Swiss Regulator Says
11 Articles
11 Articles
The Swiss asset manager has ignored numerous warning signals in the business with René Benko. Employees cancel million-dollar commissions.
The Swiss Financial Supervisory Authority (FINMA) has closed its proceedings against Julius Baer and partially or fully lifted the restrictive measures imposed on the Zurich-based private bank. The financial institution's share price jumped 8.8 percent to a record high on the news.
Distributions to shareholders will now have to be validated by the regulator. Three former employees are being prosecuted separately for their role in violations of the rules of supervision and compliance.The financial market officer Finma has closed a compliance procedure against Julius Bär, the fifth in less than ten years, regarding the debacle of the fortune manager in the private loans granted to the Signa group and in a money laundering ca…
The Swiss financial authority FINMA has identified serious violations of risk management and anti-money laundering obligations at Julius Baer. The bank has been required to provide an additional 250 million francs in capital; 10 million francs in profits have been seized.
The finma's report is devastating, and we're talking about ignored warning signals and commissions in millions of dollars.
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