Julius Baer’s Fine in Money Laundering Case Compounds Legal Woes
(Bloomberg) — Julius Baer Group Ltd. has been ordered to hand over 4.4 million Swiss francs ($5.2 million) including confiscated profits linked to alleged failures in money laundering controls, in a fresh setback for the bank’s newly installed management team.The Zurich-based bank had been under investigation over transactions that had occurred between 2009 and 2019 and linked to operations in Monaco and Singapore, according to a person familiar with the matter.The previously undisclosed “enforcement proceeding” is separate to an existing Finma probe into losses linked to the Signa real estate empire, in which Baer was forced to write off $700…