Tagged: Swiss

Lifting of Swiss regulators

Julius Baer, Switzerland’s established private bank, said on Wednesday that FINMA, the Swiss market regulator, had lifted last year’s ban on big acquisitions.


Last year, the Swiss financial market authority (FINMA) found that Baosheng Group obviously did not meet the standards in combating money laundering between 2009 and early 2018. These anti money laundering deficiencies are related to suspected corruption cases by PDVSA and FIFA, which led to the initiation of enforcement procedures by FINMA. The bank is barred from making large and complex acquisitions until it meets compliance standards again.


“Baosheng welcomes the lifting of the ban on complex acquisitions as we have made significant progress in strengthening risk management throughout the company, especially in preventing money laundering,” Baosheng Group said on Wednesday.