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.
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.
U.S. prosecutors entered into a deferred prosecution agreement with the Zürich, Switzerland-based bank requiring it to pay more than $79 million and admit to conspiring to launder over $36 million in bribes through the United States to soccer officials.
May 27, 2021
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