The Swiss Financial Market Supervisory Authority, FINMA has begun proceedings against one individual following serious anti-money laundering failings at Julius Baer.

In another case, FINMA decided not to open proceedings following a declaration of resignation. FINMA reprimanded two people in writing.

FINMA has investigated the responsibility of individuals for serious breaches of anti-money laundering regulations by Julius Baer, particularly in connection with alleged cases of corruption in Venezuela.

These...