23rd July 2019
Banque Bonhôte & Cie SA, Ltd. (Bonhôte) of Switzerland will pay an additional $1.2 million to American authorities after acknowledging that it under-reported its US-linked accounts in a 2015 non-prosecution deal reached under the Swiss Bank Program. The latest monetary penalty adds to the $624,000 previously paid by the Swiss… Read More
23rd July 2019
SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in… Read More
18th July 2019
Canton Zug has been positioning itself as the global capital of cryptocurrencies, but accusations of fraud engulfing cryptocurrency markets could curb its ambitions. In the United States, legal proceedings implicating cryptocurrency exchange platform Bitfinex in a $850 million (CHF841 million) fraud scandal are forcing Zug’s so-called “Crypto Valley” to examine… Read More
16th July 2019
It was December 30, 2015, and Russian businesswoman Olga Kurbatova, who founded a successful Moscow-based beverage company called Happyland Corp, was celebrating the New Year with her son when she got an unexpected phone call from the bank that managed her fortune, Credit Suisse. There had been a most unhappy… Read More
12th July 2019
Credit Suisse is ensnared in a Swiss criminal probe into alleged money laundering involving a criminal organization and the illegal drug trade. The Swiss attorney general has named the investigation “Bulco”: prosecutors are investigating alleged money laundering by a criminal organization, weekly Schweiz am Wochenende (in German) reported. The… Read More
12th July 2019
A fugitive luxury jeweler, who was initially dropped from the U.K.’s high-profile Tabernula insider-trading case because he was too ill, was convicted of laundering the proceeds of the scheme with the help of offshore companies and false invoices, the financial regulator said. Richard Baldwin set up a company in Panama… Read More
10th July 2019
With other parts of its business facing hefty cuts, Deutsche Bank wants to expand its European operations handling the assets of rich clients and take market share from rivals after staunching the outflow of assets. Hiring new client relationship managers and perhaps making acquisitions in a few years’ time can… Read More
28th June 2019
Brussels-based KBC Group NV and its banking arm KBC Bank are facing prosecution for their purported roles in facilitating money laundering and tax fraud by Belgian clients.  The banking group disclosed the charges by the Ghent public prosecutor’s office in a statement on its website Thursday and said… Read More
28th June 2019
Switzerland’s Federal Council disclosed on Wednesday that it is moving forward with a proposed amendment to the Anti-Money Laundering  Act that would impose new regulatory obligations as soon as 2021.  The draft amendment seeks to address weaknesses identified by the Financial Action Task Force in a 2016 mutual… Read More
27th June 2019
Israel’s finance ministry has sought help from Switzerland in identifying Israelis it believes have undeclared assets at Union Bancaire Privee (UBP) and Bank Julius Baer, Swiss government documents show. UBP said on Wednesday it is cooperating fully with authorities, while the Swiss Federal Tax Administration is seeking contact addresses for… Read More