Swiss bank Julius Baer (BAER.S) has been reprimanded by the country’s watchdog for ignoring money laundering risks in handling millions of francs of suspect payments linked to corruption in Venezuela and world soccer body FIFA. In a highly critical report, FINMA said there had been scores of failings at Switzerland’s third-largest bank, such as when it accepted a 70 million Swiss franc ($71 million) transfer for a Venezuelan customer in 2014 despite knowing he was accused of corruption. The regulator’s announcement, which outlined serious lapses as recently as 2018, comes as Switzerland seeks to change its image as ... (full story)