SwitzerlandThe Swiss Financial Market Supervisory Authority announced the initiation of proceedings in one case related to the investigation of individuals for serious anti-money laundering failings at Julius Baer.
Switzerland’s Federal Council announced the release of its Sub-Saharan Africa strategy, which details the country’s priorities in the region for the 2021 to 2024 period, including opportunities to curb financial crime and secure the continent’s prosperity.
USPS filed incomplete SARs, former Latvian AML regulators criticize their country’s AML enforcement, and more, in the weekly roundup.
Julius Baer Executives Punished for FIFA, PDVSA Violations
Swiss regulators on Thursday reprimanded four ex-senior managers of Julius Baer for allowing hundreds of millions of dollars in suspicious funds from South America to flow into the private bank over several years, including bribes tied to FIFA, world soccer’s primary governing agency.
Midweek Roundup: Yellen Pledges Swift AML Reform, Blinken Plans Sanctions Review, and More
The Swiss Financial Market Supervisory Authority announced that it has found the Lugano, Switzerland-based bank in serious breach of the anti-money laundering requirements in connection with Venezuelan client relationships.
The Swiss Financial Market Supervisory Authority issued a reprimand against the Geneva, Switzerland-based private bank for breaches of the due diligence requirements under the anti-money laundering regulations.
| Technical | Effectiveness |
|---|---|
| Compliant : 8 | High : 0 |
| Largely Compliant : 27 | Substantial : 7 |
| Partially Compliant : 5 | Moderate : 4 |
| Non-Compliant : 0 | Low : 0 |
Switzerland's technical compliance was re-rated in a Feb. 13, 2020 follow-up report
| Rank : 93/141 |
| Score : 4.74/10 |
| Rank : 4/180 |
| Score : 85/100 |
| Rank : 3/133 |
| Score : 74/100 |