The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client.
This content was published on
2 minutes
Keystone-SDA/Reuters/sb
“FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets,” the financial watchdog said in a statementExternal link on September 24. “The bank did not adequately resolve issues that should have raised suspicions, even though the client was identified as having links with politically exposed persons (PEP) and the relationship was classified in this category.”
It added that the private bank had “failed to fulfil, or did not adequately fulfil, its obligations to clarify high-risk transactions by the client, which were in some cases in the tens of millions”.
FINMA described the bank’s money laundering processes as “inadequate” and reprimanded it for a breach of its duty of due diligence in relation to anti-money laundering rules.
However, it did not issue any financial penalties. The bank had reported the case to FINMA, which had led to an in-depth investigation in February. It said it would appoint an independent auditor to oversee the bank’s implementation of new compliance measures.
“The bank attaches the utmost importance to compliance with its anti-money laundering obligations,” it told Reuters in an emailed statement. “Unfortunately, for a specific business relationship, the procedures put in place proved to be inadequate.”
Geneva probe
The affair dates back to 2018 but only recently became known through a decision by the Geneva Criminal Court, published by the Swiss justice portal Gotham City.
According to the NZZ newspaper, the case concerns Angolan-Portuguese businessman Carlos Manuel de São Vicente, who is being investigated by Geneva’s judicial authorities on suspicion of money laundering.
Based on a report of suspected money laundering submitted by Banque Syz to the Money Laundering Reporting Office Switzerland, the Geneva public prosecutor’s office ordered account freezes totalling CHF1.1 billion ($1.2 billion) at the end of 2018. Following a partial release, around $900 million remains frozen.
On July 9 the court rejected an appeal by Carlos Manuel de São Vicente to unblock the funds. On September 15 it was reported that Angola had asked Switzerland for legal assistance concerning the money frozen in Geneva and reportedly connected to the Angolan-Portuguese businessman.
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
Swiss investigating money laundering linked to Angolan funds
This content was published on
The attorney general has opened criminal proceedings against unknown persons on suspicion of money laundering, his office told financial news agency AWP on Thursday. The statement confirms information published on Wednesday in several Swiss papers. The criminal proceedings are linked to possible offences against the assets held by the Angolan National Bank and the Angolan…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.