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Latest Money Laundering news and updates from Switzerland. AI-curated articles covering Money Laundering topics.
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Swiss banking giant UBS has been ordered to pay $145 million in fines by US authorities for repeated and inadequate anti-money laundering controls between 2019 and 2023. The US regulator FinCEN described the bank as a repeat offender.
29 days ago · 1 source
UBS
Swiss banking giant UBS has been hit with a $145 million fine in the United States for repeated failures in its anti-money laundering controls between 2019 and 2023. US authorities described the bank as a 'repeat offender,' with FinCEN imposing its largest-ever penalty on a broker-dealer.
SWI swissinfo.ch
Finance
The Swiss Federal Criminal Court has fined Geneva-based private bank Lombard Odier, ruling it had inadequate organizational measures to prevent money laundering linked to Gulnara Karimova, daughter of Uzbekistan's former president.
SWI swissinfo.ch
Finance
A review by the Swiss Financial Market Supervisory Authority (FINMA) has found that despite improvements, Swiss financial institutions still have significant weaknesses in their risk analysis for money laundering, especially concerning politically exposed persons and crypto services.
SWI swissinfo.ch
Finance
Monaco's financial watchdog has fined UBS €6 million for numerous serious breaches in its controls against money laundering and terrorist financing between 2018 and 2023. The regulator cited an "overall failure" in the bank's compliance and internal control systems.
SWI swissinfo.ch
Crime
Gulnara Karimova, daughter of Uzbekistan's former president, is on trial in Switzerland's Federal Criminal Court, accused of leading a criminal organization known as 'The Office' and laundering vast sums through Swiss banks.
SWI swissinfo.ch
Finance
Swiss authorities are making decisive moves against illicit finance, confirming the freezing of CHF 687 million in assets linked to Venezuela's Maduro regime. Separately, the US has labeled Swiss-based MBaer Merchant Bank a 'primary risk for money laundering', triggering a FINMA investigation.
The Local Switzerland · +2 more
Finance
The United States has labelled Zurich-based MBaer Merchant Bank a threat for primary money laundering, accusing it of channeling millions for entities linked to Iran and Russia. The US Financial Crimes Enforcement Network (FinCEN) aims to cut off the bank's access to the American financial system, prompting Swiss regulator FINMA to appoint an investigator.
SWI swissinfo.ch
Finance
The Swiss Attorney General has charged a former Credit Suisse employee with money laundering in connection with over $2 billion in loans to Mozambican state companies. Successor bank UBS is also criticized for organizational failures in preventing the offense.
SWI swissinfo.ch
