Julius Baer CEOs reprimanded

Two former CEOs of Julius Baer, a private bank, were reprimanded by FINMA, the Swiss financial regulator after a money laundering enquiry relating to football’s world governing body FIFA.

The Regulator did not name the individuals but Boris Collardi and Bernhard Hodler, his successor, confirmed they had received written reprimands.

“Although mistakes were made in the case of the two reprimanded managers, there are not sufficient indications of direct, causal responsibility for the serious violation of supervisory law,” FINMA said in a statement.

Hodler was CEO of the bank from 2017 to 2019 before retiring, he was also chief risk officer from 2009 to 2017.

FINMA ordered the bank to improve its controls and appointed an auditor to oversee the group after uncovering AML failings. The Bank (Switzerland’s third-largest) was heavily criticised for the failings, which fell duing the period in which Hodler and Colliardi were at the helm.

The FIFA case relates to Jorge Luis Arzuaga, an Argentine who worked for Julius Baer, who admitted facilitating payments from a sports marketing company to FIFA officials.

The regulator dropped its inquiries into a fourth manager after the executive agreed not to take a managerial position at a Swiss bank in the future.

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