AMSF sanction decision no. 2026/0537 against Julius Baer Wealth Management (Monaco) for intra-group organisation defects in AML/CFT due diligence
The AMSF sanction panel (hearing 8 July 2026, decision 25 August 2026) found established the first branch of grievance 1 against Julius Baer Wealth Management (Monaco), RCI 98S03555: the delegation of AML/CFT due diligence on its highest-risk clients to its custodian Julius Baer Bank (Monaco) S.A.M. under a service-level agreement of 4 January 2018 that lacked adequate controls. Press reports (Monaco Life) give the fine as EUR 1.5 million against a EUR 10 million statutory maximum and late suspicious transaction reports as a second grievance. The bank itself was not the sanctioned entity.
custodian or third party (the respondent was the sister company Julius Baer Wealth Management (Monaco); the bank was its custodian and the delegate under a 2018 service-level agreement)
demeure responsable des activités déléguées