50-million-displaced – Finma investigated further money laundering case at Julius Baer

50-million-displaced – Finma investigated further money laundering case, in the case of Julius BärDie authority to carry out an Enforcement procedure in the case of an Argentinean entrepreneur against the Zurich-based private Bank. Already in February, serious deficiencies were “” public. 0 KommentareDas Logo of the Julius Baer Bank in the run-up to the press conference for the presentation of the figures of the year on Monday, 1. February 2016, in the Hotel Widder in Zurich. The Julius Baer group has suffered in the past business year, a profit drop of almost 70 percent to 123 million Swiss francs. The main reason for this is the agreement reached with the U.S. authorities in a tax dispute. (KEYSTONE/Ennio Leanza)KEYSTONE

The private Bank Julius Baer has fallen because of another money laundering Case in the visor of the financial market Supervisory authority Finma.

The Finma and see if Julius Baer had been injured in the care of the customers requirements for money laundering, reports the “Neue Zürcher Zeitung” (NZZ), in its issue of Wednesday. A spokesman for the Bank Julius Baer confirmed on AWP request to the Finma procedure. Other comments he wanted to make but.

According to the NZZ report, the well-known Argentine entrepreneur should have handled between 2007 and 2016, through front companies and domicile companies, capital market transactions of over 50 million francs. In doing so, he had diverted the money by means of fictitious invoices from his company, and by several accounts at Julius Baer funneled.

In the case of the Bank, the irregularities had been discovered in the year 2016 of employees, so the NZZ. The internal auditors have clarifications to make, and the accounts of the trader in the sequence is closed. However, the money laundering reporting office had not been informed about these operations. In addition, the competent Committee of the Board of Directors had received only “General information” to the case.

complaint in February

The Finma had already determined in February 2020 in a report, “serious deficiencies” in the fight against money laundering at Julius Baer (here’s the link to the behind reasons). The alleged corruption cases around the state-owned Venezuelan Oil company Petróleos de Venezuela S. A., PDVSA and the football Association to Fifa in the years 2009 to 2018.

The Bank had been obliged by the Finma to take “effective measures” to enforce the money laundering legal obligations, and already started to implement measures quickly. To “restore the order state” proper, it was says the Bank in addition to the Finma, a large and complex corporate acquisitions.

Julius Baer at the time had stressed that the Bank had strengthened its risk control and compliance under the leadership of the since the summer of 2019 acting CEO Philipp rickenbacher already solid. The Finma criticized the cases fall in the period of many years, Julius Baer CEO Boris Collardi, who was replaced in 2017 as part of the commander-in-chief to the Bank Pictet.

(SDA / step)

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