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

By Reuters News

ZURICH, Sept 29 (Reuters) - Swiss private bank Julius Baer BAER.S committed serious violations of supervisory provisions related to risk management and anti-money laundering obligations, financial regulator FINMA said on Tuesday, after concluding its investigation.

The inquiry was related to private debt loans to a European group and client relationships tied to two Russian politically exposed persons.

It was the fifth enforcement proceeding carried out by FINMA against Julius Baer in less than 10 years, the authority said.

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