Julius Baer paid over CHF4m in Switzerland for high-risk client control failings

Swiss bank Julius Baer was ordered to disgorge CHF3m (US$3.6m) in profits, and pay CHF1.3m (US$1.6m) costs, by its local financial markets regulator, FINMA, over failures to detect and act on suspicious activity by some high-risk customers, according to a penalty notice dated November 2024, not published but seen by the Financial Times.

Swiss bank Julius Baer was ordered to disgorge CHF3m (US$3.6m) in profits, and pay CHF1.3m (US$1.6m) costs, by its local financial markets regulator, FINMA, over failures to detect and act on suspicious activity by some high-risk customers, according to a penalty notice dated November 2024, not published but seen by the Financial Times. [1]