The Swiss Financial Market Supervisory Authority FINMA has investigated the responsibility of individuals for grave AML violations at Julius Baer, a Swiss private banking corporation. The AML violations were related to the role of 4 high-ranking company managers in incidents of corruption in Venezuela.
FINMA has started its proceedings in one case. It will not be opening proceedings in another case after the individual signed a declaration of resignation. This means that this individual would never be placed in a managerial position in any FINMA-supervised institution. FINMA has only reprimanded two other people in writing because there was no suggestion of a direct role in AML violations.
FINMA has the authority to ban individuals who engage in serious AML violations from getting leading roles at FINMA-supervised institutions. Such bans can last for up to five years.
Source: FINMA, Switzerland