(MENAFN – Swissinfo) The Swiss Financial Market Supervisory Authority (FINMA) has uncovered serious cash laundering violations at personal bank Banque Audi.
FINMA imposes a fine on the institution, which belongs to a Lebanese banking group, and demands reviews, for example in its activities with political clients.
Bank Audi failed to meet its obligations to prevent cash laundering and seriously violated money market law, FINMA said in a statement on Monday. We decided to do this as part of an enforcement procedure introduced in 2022.
As a result, FINMA confiscated illegally obtained profits amounting to CHF 3. 9 million (USD 4. 34 million) and imposed an additional capital adequacy payment of CHF 19 million. In addition, revisions to the anti-money-laundering formula are needed. For two years or until these measures are fully implemented, the bank will not establish new visitor relationships with political figures.
Since the people suspected of being primarily guilty of violations of the supervisory law left the Swiss bank and monetary center, FINMA should not take any action against any person.
According to the data provided, FINMA examined Audi bank’s consumer relations with politicians from several countries in 2021 in an on-site audit and found serious shortcomings in the prevention of money laundering. For example, the bank failed to meet its legal disclosure responsibility. and failed to adequately review relationships with high-risk clients.
As part of the now-concluded process, Bank Audi has cooperated and taken steps to repair compliance with the law, he said. Several key Americans have been replaced, and compliance resources have been significantly increased.
According to the press release, Audi bank has also taken a closer look at secure relationships with its visitors and changed tactics with its visitors. However, you also need to maintain safe relationships with your visitors.
Adapted from German via DeepL/dkk/ts
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