Switzerland's financial regulator on Tuesday barred private bank Mirabaud from taking on new high-risk clients and ordered it to return $15 million in "unlawfully generated" profits after uncovering anti-money laundering breaches and other compliance violations. In a statement, the Swiss Financial Market Supervisory Authority, or Finma, said Geneva-based Mirabaud violated AML rules and breached financial market laws by failing to conduct sufficient due diligence on customer relationships and transactions linked to a now deceased businessman accused of large-scale tax evasion. It did not identify the man by name. "The bank … seriously violated provisions of financial market law concerning adequate organization...
The Swiss Financial Market Supervisory Authority, also known as Finma, took the rare step Thursday of chastising dozens of domestic banks for consistently failing to gauge their exposure to money launderers and other profit-driven criminals.
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