Julius Baer Blocked From Big Deals as Regulator Blasts Bank

Feb. 20, 2020, 9:59 AM

Julius Baer has been banned from making any “large and complex” acquisitions as punishment for failing to do more to prevent money laundering in its Latin American business.

The Zurich-based lender fell “significantly short in combating money laundering” between 2009 and early 2018, Swiss regulator Finma said in a statement. The bank has been ordered to overhaul its money laundering measures and change the way it recruits, manages and pays its bankers, Finma said.

While the regulator can’t levy fines, the ban may be a more burdensome penalty for Baer, now under its third chief executive officer since 2017. The...

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