Following a five-year investigation, Julius Baer announced Wednesday that it had entered into "advanced discussions" with U.S. authorities and expects to pay "a double-digit million dollar" sum after allegedly enabling corruption in global soccer and laundering bribe payments.
Switzerland's banking regulator ordered Julius Baer to submit to an independent monitor and refrain from large acquisitions after an investigation found nearly a decade's worth of broad, systemic lapses in the private lender's anti-money laundering program.