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Midweek Roundup: Julius Baer Allocates $550 Million for Settlement, FinCEN Issues First Fine for Precious Metals Sector, and More
printSwiss lender Julius Baer Group AG said it has reached a preliminary agreement with New York federal prosecutors to resolve charges that it helped wealthy Americans evade U.S. income tax, according to The Wall Street Journal. The bank has set aside $547 million for a final settlement, which it expects to complete early next year. More The U.S. Financial Crimes Enforcement Network assessed a $200,000 civil money penalty against Los Angeles-based B.A.K. Precious Metals, its owner, Bogos Karaoglanyan, and its compliance officer, Arman Karaoglanyan for failing to conduct adequate due diligence on high-risk customers and other anti-money laundering violations. The...
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