Julius Bär seriously breached risk and money laundering rules, Swiss
14 Articles
14 Articles
The Swiss asset manager has ignored numerous warning signals in the business with René Benko. Employees cancel million-dollar commissions.
The Swiss Financial Supervisory Authority (FINMA) has closed its proceedings against Julius Baer and partially or fully lifted the restrictive measures imposed on the Zurich-based private bank. The financial institution's share price jumped 8.8 percent to a record high on the news.
Distributions to shareholders will now have to be validated by the regulator. Three former employees are being prosecuted separately for their role in violations of the rules of supervision and compliance.The financial market officer Finma has closed a compliance procedure against Julius Bär, the fifth in less than ten years, regarding the debacle of the fortune manager in the private loans granted to the Signa group and in a money laundering ca…
Julius Baer tries to move on after the Signa case. The Swiss authority Finma has closed the proceedings against the bank, establishing serious deficiencies in risk management and anti-money laundering controls. The investigation concerned loans granted since 2019 to a European group, attributable to René Benko's later failed real estate empire, and relations with... Read more
Despite Rügen's Swiss financial market supervision, investors have confidence in the private bank, which was Signa's largest lender.
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