Swiss watchdog reprimands Bank SYZ for breaching money laundering rules
Reuters
Published Sep 24, 2020 01:30AM ET
Updated Sep 24, 2020 02:25AM ET
ZURICH (Reuters) - Swiss financial market supervisor FINMA on Thursday reprimanded private Bank SYZ over money laundering rules breaches involving business ties with a politically exposed Angolan client who made transactions worth tens of millions of Swiss francs.
"FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client's assets," the watchdog said in a statement, adding it had also failed to clarify the client's high-risk transactions. "The bank did not adequately resolve issues that should have raised suspicions."
Bank SYZ said it had taken a number of measures to improve the systems it had in place.
"The bank attaches the utmost importance to compliance with its anti-money laundering obligations," it said in an emailed statement. "Unfortunately, for a specific business relationship, the procedures put in place proved to be inadequate."
FINMA noted the Geneva-based wealth manager had reported suspicions, which enabled criminal prosecutors to investigate the Angolan case. It said it would appoint an independent auditor to oversee the bank's implementation of new compliance measures.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.