Mirabaud ‘Seriously’ Violated Financial Market Law, Finma Says
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Mirabaud & Cie SA “seriously violated” Swiss financial-markets law by failing to properly vet client relationships and transactions for money-laundering risks, according to a ruling from the financial regulator unveiled for the first time.
The Swiss Financial Market Supervisory Authority concluded enforcement proceedings against Mirabaud in June 2023 after a two-year investigation, the regulator announced Tuesday. The disclosure came after the Federal Supreme Court dismissed an appeal from bank seeking to prevent the findings from being made public.