- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-30T16:54:00
Julius Baer International (JBI), a U.K.-based investment and wealth management subsidiary of Swiss-based Julius Baer Group, will pay more than 18 million pounds (U.S. $21.5 million) to settle charges laid by the Financial Conduct Authority (FCA) for paying bribes to generate business with a Russian oil company.
While JBI agreed to settle with the FCA, three of its former employees—Gustavo Raitzin, Thomas Seiler, and Louise Whitestone—decided to have their cases heard in court, the regulator said in a press release Wednesday.
The FCA alleged in addition to failing to conduct business with integrity, JBI failed to take “reasonable care to organize and control its affairs.” The firm was faulted for not being “open and cooperative” with the regulator because it delayed notification of the alleged bribery scheme for two years.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
