Compliance

Credit Suisse Cuts Some Venezuelan Client Links - Report

Tom Burroughes, Group Editor, London, 8 January 2021

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The sanctioned country's wealthy who are clients of the Swiss bank are being cut loose, a report says. Credit Suisse has declined to comment on the matter.

UBS, has shut some accounts linked to Nicolas Maduro’s government or to Petroleos de Venezuela SA, the state-owned oil company.

Credit Suisse declined to comment when contacted by WealthBriefing.

A third major Swiss bank, Julius Baer, in February last year was sanctioned by FINMA, the Alpine state’s regulator, for Venezuela-linked issues. The Zurich-listed bank was punished for failures over its anti-money laundering controls between 2009 and 2018. In 2018 a former Julius Baer banker based in Panama was convicted in a Miami court of helping to launder $1.2 billion embezzled from Venezuela’s state energy company, Petróleos de Venezuela.

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