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Swiss Bank Banca Credinvest Caught in Violation of Money-Laundering Regulation

October 8, 2020 |Banking, Fintech

Swiss Bank Banca Credinvest Caught in Violation of Money-Laundering Regulation

FINMA completed the proceeding against Banca Credinvest was opened 2018 after the bank was suspected of corruption connected with the Venezuelan clients. The corresponding measures were introduced by FINMA.


In November 2018 FINMA received the information connected with the suspicion of anti-money-laundering regime. The information suspected corruption was linked to the Venezuelan oil company PDVSA.
According to FINMA’s report, the measures of Banca Credinvest against money laundering and system of risk management were inappropriate. This refers to the breach of the bank’s duty of due diligence towards to anti-money laundering regulation in the period of time between 2013 and 2017.
FINMA ordered measures
FINMA ordered the measures, which were already begun to be implemented by the bank. The measures include the monitoring of all private banking clients to promote recognize the increasing of money-laundering risks and to reduce them in an appropriate manner. The bank decided itself to refuse to cooperate with the clients connected to Venezuela and is going to deny the accepting of new high-risk clients for three years or until all the measures have been attempted.
FINMA will take drastic measures against the violations of AML rules
In the last few ears Swiss financial sector was involved in several global corruption scandals (Odebrecht, 1MDB, FIFA). That is why FINMA studies the international money-laundering cases to improve its ALM supervisory activities. FINMA states that money laundering is the main risk to Swiss financial services. This matter stays the most important part of FINMA's supervisory activities.
Source: https://www.finma.ch/en/news/2020/10/20201006-mm-verfahren-banca-credinvest/

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.
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