FCA fines Julius Baer £18m over 'corrupt' relationship with Russian oil conglomerate

Valeria Martinez
clock • 2 min read

The Financial Conduct Authority has fined wealth manager Julius Baer International £18m and imposed a ban on three former senior executives over "corrupt" relationships between the firm and a Russian oil giant. The UK's regulation watchdog said Julius Baer had failed to "conduct its business with integrity, failing to take responsible care to organise and control its affairs and failing to be open and cooperative with the FCA". The three senior executives are Gustavo Raitzin, former regional head , Thomas Seiler, former sub-regional head for Russia and Eastern Europe and non-executive...

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