As per the information detailed in the press release, FINMA’s decision to fine Bank Audi is due to breaches in obligations in preventing money laundering and violations of financial market law. Throughout the proceedings, the bank cooperated with FINMA and took the necessary measures to restore compliance with the regulatory requirements. Additionally, FINMA mentioned that the institution has to disgorge profits totalling nearly USD 4.3 million and a capital surcharge of USD 21 million.
FINMA also imposed further measures on Bank Audi, ordering the disgorgement of illegally generated profits totalling USD 4.3 million. Also, due to the continuing client relationships with a high-risk profile, the regulatory body required a surcharge of nearly USD 21 million on the minimum capital. FINMA’s measures cover additional adjustments to the Anti-Money Laundering (AML) defence mechanisms, with the bank not being allowed to enter any new relationships with politically exposed persons or high-risk corporate clients for two years or until all requirements are implemented and fulfilled. The regulatory body is set also to appoint an audit mandatory to monitor the implementation of the measures.
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