Switzerland’s financial market authority has
penalized Julius Baer bank for violating its
obligations to fight money laundering over a
nearly nine-year span.
The sanctions are related to alleged corruption
linked to Venezuela’s state-owned oil company
and global soccer body FIFA.
The authority, known as FINMA, cited Julius Baer
for a “serious infringement of financial market
law” and barred it from carrying out “large and
complex acquisitions until it once again fully
complies with the law.”
The bank was also ordered to revamp its hiring
and management of client advisers, and adjust
its remuneration and disciplinary procedures.