FINMA enforcement concluded: serious breach of anti-money laundering obligations and duty to provide information (PEP funds, Lebanon)
FINMA found that Banque Audi (Suisse) SA breached its anti-money laundering obligations, failed to adequately establish the source of funds in high-risk relationships including a payment from a politically exposed person, did not report unexplained transactions to MROS and initially withheld an internal audit report from FINMA. FINMA ordered disgorgement of CHF 3.9 million, a capital surcharge of CHF 19 million, a two year ban on new PEP and high-risk corporate relationships, corrections to AML controls and an audit mandatary. No proceedings against individuals were opened. The release does not say whether the decision was appealed.
FINMA has ordered the disgorgement of profits totalling CHF 3.9 million and a capital surcharge of CHF 19 million.
Per FINMA: key staff replaced, compliance resources increased, several MROS reports filed, some clients dropped; audit mandatary to monitor implementation.