Swiss watchdog censures Bank SYZ over money laundering rules

Swiss financial market supervisor FINMA reprimanded private Bank SYZ for failing in its duties to root out anti-money laundering in a high-profile case of an Angolan client. "FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client's assets," the watchdog said in a statement, adding it had also failed to clarify the client's high-risk transactions. "The bank did not adequately resolve issues that should have raised suspicions." FINMA noted the Geneva-based wealth manager had reported suspicions, which enabled criminal prosecutors to...