News

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. In a 4-page statement, the Financial Market Supervisory Authority said that from 2009 to 2018, the Zurich-based bank often failed to fully vet clients, screen and report suspicious payments, and identify the purpose and background of its business relationships—all while using a system of "misplaced incentives" that effectively encouraged staff to violate AML rules. The violations started to emerge in 2017, when FINMA began...