Independent sustainability ratings agency Standard Ethics has announced that Julius Baer is “under monitoring” following “a number of controversial events” at the Swiss banking group, whose governance failures on money laundering risks in recent years have been widely publicised.
The London-based agency footnotes a story by Reuters from earlier this year which reported that the Swiss group had been reprimanded by its country’s financial regulator for ignoring money laundering risks in handling payments linked to corruption in Venezuela and football’s governing body FIFA.
Julius Baer’s chairman Romeo Lacher said at the time: “We accept FINMA’s findings and regret the shortcomings identified in our business with Latin American clients.”
Last month, the FT reported that Julius Baer was in “advanced discussions” with the US Department of Justice to resolve the allegations linked to FIFA.
A spokesperson for Standard Ethics told RI that “typicall…