Finma penalises Julius Baer for money laundering

Ridhima Sharma
clock • 3 min read

The Swiss Financial Market Supervisory Authority (Finma) has found that Julius Baer fell significantly short in combating money laundering between 2009 and early 2018. The shortcomings arose in connection with alleged cases of corruption linked to Petróleos de Venezuela SA (PDVSA), an oil company, and FIFA, the world soccer federation, resulting in enforcement proceedings on the part of Finma, which have now concluded. Finma has instructed Julius Baer to undertake effective measures to comply with its legal obligations in combating money laundering and rapidly finalise the measures it...

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