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NEWS: Julius Baer fined €4.3m over AML failings, including ignoring red flags, on high risk clients

Premium May 14, 2025

FINED: File photo shows Julius Baer headquarters in Zurich, Switzerland's financial capital. In recent years, the bank's reputation and standing have taken a hit following a string of corruption and money laundering scandals which led to an unprecedented public censure by the Swiss regulatory authority (FINMA).

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ANALYSIS: FATF’s 5 new reforms – including making originator, beneficiary data more transparent in cross-border payments over $1,000.

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CONFIRMED: FATF adds British Virgin Islands, Bolivia to AML ‘grey list’

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NEWS: VAT fraud among EU crime-fighting priorities for next 4 years

By AML Intelligence Correspondent SWISS bank Julius Baer was ordered to pay €4.3 million (SFr4mn) by the national regulator over AML failures for its high-risk clients. Finma found Julius Baer failed to detect or act on suspicious transactions around Russian and Indian clients between 2009 and 2019. Finma found Julius Baer committed a “serious violation”…

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Premium

ANALYSIS: FATF’s 5 new reforms – including making originator, beneficiary data more transparent in cross-border payments over $1,000.

 Premium

CONFIRMED: FATF adds British Virgin Islands, Bolivia to AML ‘grey list’

 Premium

NEWS: VAT fraud among EU crime-fighting priorities for next 4 years

Regulatory Watch News

  • Reports for Licensing Activities Undertaken Pursuant to the Trade Sanctions Reform and Export Enhancement Act (TSRA)

    OFAC

    The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has released Quarterly Reports of Licensing Activities pursuant to Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), covering activities undertaken by the Treasury Department's Office of Foreign Assets Control (OFAC) under Section 906(a)(1) of the TSRA from January through March 2025. Under the procedures established in its TSRA-related regulations, OFAC processes license applications requesting authorization to export agricultural commodities, medicine, and medical devices to Iran under the specific licensing regime set forth in Section 906 of the TSRA.

  • Toronto-Dominion Bank

    The Council on Ethics recommends that Toronto-Dominion Bank (TD) be placed under observation due to an unacceptable risk that the company is contributing to, or is itself responsible for, serious financial crime, pursuant to section 4(g) of the Guidelines for Observation and Exclusion of Companies from the Government Pension Fund Global. TD is one of the largest banks in Canada. It also has a significant presence along the USA’s eastern seaboard. The company has more than 95,000 employees worldwide. The Council’s investigations have found that TD may be linked to multiple cases of financial crime the past 10–15 years.

  • Shaping the EU Anti-Fraud landscape: OLAF’s Helsinki Conference gathers specialists from all Member States

    OLAF

    More than 100 anti-fraud experts from across the European Union met this week in Finland for the 2025 Helsinki OLAF Conference aimed at defining the next chapter in EU anti-fraud action. Organised by the European Anti-Fraud Office (OLAF) on 11-12 June, the event brought together representatives from EU Member States’ Anti-Fraud Coordination Services as well as key EU bodies involved in protecting the Union’s financial interests.

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