SWITZERLAND: JULIUS BAER BANK FACES INVESTIGATION OVER TIES TO ARGENTINE CLIENT

On 10 June, Reuters claimed that Swiss private bank Julius Baer faces investigation by FINMA over whether it followed correct procedures against money laundering in its ties with a former Argentine client.  The former customer was a well-known Argentine entrepreneur who is suspected of siphoning off more than $52.7 million from his company between 2007 and 2016 and moving it into several accounts at Julius Baer.

https://in.reuters.com/article/julius-baer-finma/julius-baer-faces-investigation-over-ties-to-argentine-client-nzz-idINKBN23H0TA

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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