FINMA Found Julius Baer Accepted Possible U.S. Law Breaches in Cross-Border Business
Company: Julius Baer Group Ltd
Summary
FINMA disclosed in 2016 that its enforcement proceedings concerning Julius Baer's cross-border U.S. private-client business had found supervisory-law breaches and inadequate risk management. FINMA said the bank underestimated legal and reputational risks and accepted that breaches of U.S. law were possible. The proceedings examined strategy, controls, compliance culture and cooperation with external asset managers. The bank had proactively contacted FINMA and conducted an internal investigation before FINMA opened enforcement proceedings. Source: Swiss Financial Market Supervisory Authority FINMA https://www.finma.ch/en/news/2016/02/20160205-mm-bjb/