The Swiss Financial Market Supervisory Authority FINMA has found that Mirabaud & Cie SA breached its anti-money laundering obligations and seriously violated financial market law. FINMA determined this in enforcement proceedings. The bank failed to review and document sufficiently the economic background of client relationships and transactions. The bank may not accept any new clients with increased money-laundering risks until compliance with the law has been restored. Furthermore, FINMA has confiscated CHF 12.7 million of unlawfully generated profits and opened three proceedings against individuals.

In June 2023, FINMA concluded enforcement proceedings against Mirabaud & Cie SA that were opened in June 2021. It found the bank to have seriously violated provisions of financial market law. FINMA had opened its investigation following indications of misconduct concerning a complex client structure alleged to have been connected with a businessman accused of tax evasion who has since died. As is customary in such cases, FINMA appointed an investigating agent to examine the matter. The bank had contested FINMA’s disclosure of public information about the proceedings in court. The appeal has now been dismissed by the Federal Supreme Court.

From finma –> Full article