Swiss FINMA penalises Julius Bär over severe governance and AML failures, confiscating CHF 10M in profits and imposing a CHF 250M capital add-on

The case involved CHF 1bn+ in private debt loans to a European group and client relationships involving two Russian PEPs, with failures to adequately verify source of wealth, scrutinise adverse media and meet reporting obligations. FINMA has ordered further measures, including CHF 250m in additional capital, reporting to 2032 and CHF 10m in profit confiscation…