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Julius Baer Executives Punished for FIFA, PDVSA Violations

By Gabriel Vedrenne

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. Julius Baer regularly failed to screen clients and payments effectively from 2009 to 2018, and used a bonus system that incentivized staff to violate anti-money laundering rules, Switzerland's Financial Market Supervisory Authority, Finma, found in an enforcement action last year. In November, the lender paid nearly $80 million to address related accusations in the U.S. Finma revisited...

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