Finance
Julius Baer Criticized by Monaco for Poor Client Controls on Transactions Worth $174 Million
- $174 million in transactions lacked proper controls: regulator
- Bank told regulator employee to blame, now under investigation
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Financial authorities in Monaco reprimanded the local division of Swiss bank Julius Baer Group Ltd. for failing to maintain proper internal controls over £135 million ($174 million) in client transactions.
The Commission de Controle des Activities Financieres announced last week that Julius Baer bankers did not have appropriate measures in place for a series of 10 transactions by an unnamed client.