Swiss private bank fined $1m for breaching anti-money laundering rules
Nandita Bhardwaj, 16 April 2021
The Singapore-based branch of a Swiss private bank has reportedly been charged $1 million for failing to adhere with measures to counter terrorist financing and money-laundering. The fine was imposed on Bank J. Safra Sarasin for serious breaches between March 2014 & September 2018.
In particular, the bank failed to establish the source of the funds of its customers by appropriate as well as reasonable means.
In most cases, Bank J. Safra Sarasin depended on the representations of customers without any proper validation. The bank also failed to inquire into exceptionally large or irregular patterns of customer transactions that had no apparent economic purpose. Continue reading “Article: Swiss private bank fined $1m for breaching anti-money laundering rules”
