Monaco’s AMSF fines Julius Baer Wealth Management €1.5M for serious AML failings, after finding weaknesses in client risk assessments, BO checks, screening and transaction monitoring

44.1% of its 908 clients were classed as high or very high risk, while three suspicious transaction reports were filed between 239 and 1,202 days late, including one involving a €5m payment linked to a politically exposed person. The AMSF found that Julius Baer’s AML responsibilities with its sister bank were not clearly defined, leaving the wealth manager overly dependent on the bank’s checks without adequate oversight….