Monaco’s own financial regulatory body, the Commission de Control des Activities Financieres, has reprimanded the local operation of Julius Baer Group for failing to properly control the activities of one of its bankers.
At the centre of the case are ten transactions carried out in the name of an unidentified client. The total amount involved was more than 155 million euros.
One of the transactions involved more then 35 million euros, and the banker responsible for a transfer of funds didn’t face the scrutiny he should have from the bank’s management, as reported by Bloomberg. Such a sum should have been referred to Zurich for scrutiny.
However, Monaco’s Commission said that Julius Baer had been the victim of one of its employees who was able to circumvent the the company’s internal rules and procedures. The bank itself filed a criminal complaint against the employee.
According to a reliable source close to the matter, who wished to remain anonymous when speaking to NEWS.MC, the employee in question had sent a client’s money outside the bank in order to earn commission from a third party.
