SWISS REGULATOR CENSURES BANK SYZ OVER MONEY LAUNDERING

On 24 November, Swissinfo reported that the Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client; saying that the private bank had “failed to fulfil, or did not adequately fulfil, its obligations to clarify high-risk transactions by the client, which were in some cases in the tens of millions”.  The affair dates back to 2018 but only recently became known through a decision by the Geneva Criminal Court.  The Geneva public prosecutor’s office ordered account freezes totalling $1.2 billion at the end of 2018.  Following a partial release, around $900 million remains frozen, and in July the court rejected an appeal by Carlos Manuel de São Vicente to unblock the funds.

https://www.swissinfo.ch/eng/swiss-regulator-censures-bank-syz-over-money-laundering/46054728

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

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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