FCA fines Julius Baer subsidiary $21.5M for bribery scheme
By 
Aaron Nicodemus2022-11-30T16:54:00
Julius Baer International (JBI), a U.K.-based investment and wealth management subsidiary of Swiss-based Julius Baer Group, will pay more than 18 million pounds (U.S. $21.5 million) to settle charges laid by the Financial Conduct Authority (FCA) for paying bribes to generate business with a Russian oil company.
While JBI agreed to settle with the FCA, three of its former employees—Gustavo Raitzin, Thomas Seiler, and Louise Whitestone—decided to have their cases heard in court, the regulator said in a press release Wednesday.
The FCA alleged in addition to failing to conduct business with integrity, JBI failed to take “reasonable care to organize and control its affairs.” The firm was faulted for not being “open and cooperative” with the regulator because it delayed notification of the alleged bribery scheme for two years.
Related articles
-
ArticleJulius Baer pays $80M in FIFA corruption settlement
Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
-
ArticleCompliance lessons from Julius Baer’s ‘serious AML failings’
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.
-
WebcastOct 14 | CPE Webcast: Navigating Evolving Banking Regulations in the U.S. and Canada
U.S. Banking regulators have moved to loosen traditional regulation and supervision in areas like capital requirements, stress testing and liquidity, while also being more receptive to innovation in areas including Artificial Intelligence and digital assets.
More from Regulatory Enforcement
-
ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
-
ArticleGeorgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
-
ArticleTractor Supply Company hit with $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.