Mirabaud ‘Seriously’ Violated Financial Market Law, Finma Says

Mirabaud & Cie SA “seriously violated” Swiss financial-markets law by failing to properly vet client relationships and transactions for money-laundering risks, according to a ruling from the financial regulator unveiled for the first time.

The Swiss Financial Market Supervisory Authority concluded enforcement proceedings against Mirabaud in June 2023 after a two-year investigation, the regulator announced Tuesday. The disclosure came after the Federal Supreme Court dismissed an appeal from bank seeking to prevent the findings from being made public.

Finma is confiscating 12.7 million Swiss francs ($15 million) of illegally generated profits from Mirabaud and has opened three proceedings against ...