MORE SWISS BANKS REPRIMANDED FOR VENEZUELA BUSINESS

On 18 November, Swissinfo reported that Switzerland’s financial regulator has reprimanded 2 more banks for breaching their obligations to combat money laundering as it wrapped up a 5-year investigation into banks’ dealings with people linked to Venezuela’s state oil company PDVSA.  It has already taken issue with 2 former chief executives of private bank Julius Bär and rapped Credit Suisse for anti-corruption failings.  FINMA has now reprimanded 5 banks in total since the investigation began in 2016.  Banca Zarattini & Co SA and CBH Compagnie Bancaire Helvétique SA were both in breach of regulations and have had measures imposed upon them.

https://www.swissinfo.ch/eng/swiss-banks-slammed-for-venezuela-business/47121378

https://www.nasdaq.com/articles/two-more-swiss-banks-broke-money-laundering-rules-in-venezuela-finma

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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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