Bank rapped for money laun­der­ing rules breaches

Arab News - - Business News -

Swiss fi­nan­cial mar­ket su­per­vi­sor FINMA on Thurs­day rep­ri­manded pri­vate Bank SYZ over money laun­der­ing rules breaches in­volv­ing busi­ness ties with a po­lit­i­cally ex­posed An­golan client who made trans­ac­tions worth tens of mil­lions of Swiss francs.

“FINMA found that the bank did not make suf­fi­cient ef­forts to in­ves­ti­gate the sub­stan­tial growth in the client’s as­sets,” the watch­dog said, adding it had also failed to clar­ify the client’s high-risk trans­ac­tions. Bank

SYZ said it had taken a num­ber of mea­sures to im­prove the sys­tems it had in place.

“The bank at­taches the ut­most im­por­tance to com­pli­ance with its anti-money laun­der­ing obli­ga­tions,” it said. “Un­for­tu­nately, for a spe­cific busi­ness re­la­tion­ship, the pro­ce­dures put in place proved to be in­ad­e­quate.”

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