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Thursday, September 19, 2024
Volume:
40
Issue:
10
Abstract:
On September 17, 2024, the Swiss Financial Market Supervisory Authority released a statement that in enforcement proceedings it found that Mirabaud & Cie SA (Mirabaud), a Swiss bank, breached its anti-money laundering obligations and seriously violated Swiss financial services law. FINMA forfeited CHF 12.7 million in unlawfully generated profits and ordered Mirabaud not to accept any new clients with increased money laundering risks until it has restored compliance. FINMA has ordered additional prevention measures.[1]