Julius Baer seriously breached risk and money laundering rules, Swiss regulator says

According to Business Recorder, Swiss regulator FINMA has concluded that private bank Julius Baer seriously failed to meet its obligations on risk management and anti-money laundering. The finding was announced on Tuesday, when the watchdog closed its probe into the lender. The inquiry was tied to private debt loans extended to a European group.

A second element of the case involved client relationships connected to two Russian individuals classed as politically exposed persons. FINMA also highlighted that this was its fifth enforcement proceeding against the bank in fewer than 10 years, a count that shows the regulator has acted against the lender repeatedly. The regulator classed both the risk management and anti-money laundering failings as serious.