Switzerland’s monetary watchdog, FINMA, revealed that Banque Audi (Suisse) SA, part of the outstanding Lebanese banking conglomerate, violated its anti-money laundering obligations and breached monetary market laws.
This breach led FINMA to order the financial institution to return income of three.9 million Swiss Francs ($4.34 million) and impose a further capital surcharge of 19 million Francs.
Regardless of these penalties, FINMA acknowledged the financial institution’s cooperation in the course of the enforcement course of and its efforts to rectify compliance points.
FINMA initiated the investigation into Financial institution Audi following a corruption inquiry into Riad Salameh, the previous longstanding governor of Lebanon’s Central Financial institution.
Salameh, dealing with allegations of embezzling over $330 million in public funds, resigned from his place amid mounting authorized challenges.
He’s topic to legal investigations in a number of jurisdictions, together with Switzerland, France, and Germany, the place warrants for his arrest have been issued.
In response to FINMA’s findings, Banque Audi was directed to repay illegally obtained income uncovered to people or high-risk company shoppers for the following two years.
Moreover, the financial institution was prohibited from establishing new relationships with politically uncovered people or high-risk company shoppers for 2 years.
Regardless of inside reforms agreed upon by the financial institution, some high-risk consumer relationships endured, as famous by FINMA.
Banque Audi shunned commenting on the matter when approached for a response, whereas workers members accountable for the sanctioned transactions have since left Switzerland.
Associated: Financial institution Audi Reportedly Closed Extra Than 30 British-held Accounts
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