The Swiss Financial Market Supervisory Authority (FINMA) has taken action against Geneva-based private bank Mirabaud & Cie, accusing it of having “failed in its obligations to combat money laundering”. + Get the most important news from Switzerland in your inbox The regulator imposed a series of measures and ordered the bank to review its business relationships. The bank “has seriously infringed the rules of financial market law”, said FINMA in a statement on Tuesday, when it closed an in-depth investigation into Mirabaud & Cie. Mirabaud & Cie “did not sufficiently verify and document the economic background of business relationships and transactions” that it carried out. + Money laundering reports rise in Switzerland The origins of this case date back to 2010, according to FINMA. Since then, Mirabaud had maintained “several business relationships with companies and complex structures likely to be directly or indirectly linked” to a businessman, now deceased, accused of tax evasion.
