Julius Baer Criticized by Monaco for Poor Client Money Controls

Financial authorities in Monaco reprimanded the local division of Swiss bank Julius Baer Group Ltd.for failing to maintain proper internal controls over £135 million ($174 million) in client transactions.

The Commission de Controle des Activities Financieres announced last week that Julius Baer bankers did not have appropriate measures in place for a series of 10 transactions by an unnamed client.

Even though each transaction was significant and included one for £30 million, they didn’t face the scrutiny they should have from “the company’s management or internal control departments,” authorities said.

The transactions should have been routed through the bank’s ...