Reuters: Julius Baer fined US$4.8m for decade-long AML failures amid heightened regulatory scrutiny and leadership shake-up.

The directive from Switzerland’s financial regulator FINMA arrives amid heightened regulatory scrutiny and notable leadership transitions at Julius Baer, as the bank works to overcome past financial difficulties. While FINMA lacks the authority to levy direct fines, it has exercised confiscation orders to reclaim profits associated with the AML compliance violations. This action compounds Julius Baer’s ongoing regulatory hurdles, which include…