The Swiss Financial Market Supervisory Authority, FINMA, has found that Julius Baer fell significantly short in combating money laundering between 2009 and early 2018.

The shortcomings arose in connection with alleged cases of corruption linked to PDVSA, an oil company, and FIFA, the world soccer federation, resulting in now concluded enforcement proceedings from FINMA.

FINMA instructed Julius Baer to undertake effective measures to comply with its legal obligations in combating money laundering and rapidly finalise the measures it had already began implementing.

The bank was also told to change the way it rec...