Swiss Bank Targeted For AML Failings With Venezuela Clients

Law360, London (October 6, 2020, 12:47 PM BST) -- Switzerland's financial watchdog said on Tuesday that Banca Credinvest must end its relationships with Venezuelan clients after it found that the Swiss lender had seriously breached anti-money laundering rules when handling their cash.

The commercial bank must immediately withdraw from all client relationships with a connection to Venezuela, the Swiss Financial Market Supervisory Authority said. It also banned the bank from accepting any new clients that are considered to be high-risk, such as politically exposed persons, for three years.

The authority, known as FINMA, said it opened enforcement proceedings against Banca Credinvest SA in November 2018 to investigate possible violations of anti-money...

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