ZURICH, Sept 17 (Askume) – Switzerland’s financial market regulator Finma said on Tuesday it had seized 12.7 million Swiss francs ($15 million) from private bank Mirabaud & Cie for breaches of financial markets law and anti-money laundering obligations.
Finma said Geneva-based Mirabaud failed to carry out adequate checks on client relationships and transactions linked to a dead businessman accused of tax evasion. It did not identify the person or those who made the allegations.
Finma said in a statement that three proceedings had been initiated against individuals, without giving details. Authorities did not respond to requests for further information on the case.
Starting in 2010, Mirabaud established business relations with companies and financial structures that may have a direct or indirect relationship to the businessman, the regulator said.
FINMA said Mirabeau managed up to $1.7 billion in assets “within the scope” of these relationships, which at times amounted to nearly a tenth of his assets under management.
FINMA said Mirabaud should review and, if necessary, restructure transactions involving increased risk from 2018 to 2022 and establish incentives in its remuneration policy.
“Ultimately, FINMA will confiscate 12.7 million Swiss francs in illegal profits,” the regulator said.
The regulator said it closed the case in 2023 and Mirabeau asked for the matter to be kept private, a bank spokesman confirmed. Finma said the Swiss Supreme Court has now ruled that the disclosure can be made.
Mirabaud said it was fully cooperating with Finma in resolving the matter, saying it “resolves past issues”.
“Over the past few years, the bank has implemented operational, organisational and individual measures to enhance its compliance and risk management processes and is committed to maintaining the highest standards in this regard,” Mirabeau said.
(1 USD = 0.8444 Swiss Francs)
