FINMA reprimands Bank SYZ for breaches of anti-money laundering regulations (Angolan PEP-linked client)
FINMA opened proceedings in February 2020 and found that the bank did not sufficiently investigate the substantial growth in assets of an Angolan client with PEP links and did not fully clarify high-risk transactions, some involving tens of millions. FINMA reprimanded the bank and will appoint an independent auditor to review corrective measures. FINMA noted the bank met its statutory reporting obligation; the page does not state appeal status.
FINMA has reprimanded the bank for a breach of its duty of due diligence in relation to anti-money laundering.
Independent auditor to review corrective measures.
