FINMA Found Serious and Systematic AML Failures at Julius Baer
Company: Julius Baer Group Ltd
Summary
In February 2020, FINMA concluded enforcement proceedings against Julius Baer and found serious anti-money-laundering shortcomings between 2009 and early 2018, linked particularly to corruption risks involving PDVSA and FIFA. FINMA found systematic failures in due diligence, reporting and risk management: almost all 70 risk-selected business relationships and a large majority of more than 150 sampled transactions showed deficiencies. FINMA ordered extensive remediation, independent monitoring and temporarily prohibited large and complex acquisitions until compliance was restored. Source: Swiss Financial Market Supervisory Authority FINMA https://www.finma.ch/en/news/2020/02/20200220-mm-jb/