Banque Audi (Suisse) SA fined CHF3.9m plus CHF19m capital surcharge for PEP control breaches

FINMA, the Swiss Financial Market Supervisory Authority, has ordered Banque Audi (Suisse) SA, the private banking arm of a Lebanese group, to disgorge CHF3.9m (US$4.3m) in "illegally generated profits" and imposed an additional capital charge of CHF19m (US$21.1m) after an onsite inspection, in 2021, revealed "serious shortcomings" in anti-money laundering compliance around politically exposed person (PEP) accounts.

FINMA, the Swiss Financial Market Supervisory Authority, has ordered Banque Audi (Suisse) SA, the private banking arm of a Lebanese group, to disgorge CHF3.9m (US$4.3m) in "illegally generated profits" and imposed an additional capital charge of CHF19m (US$21.1m) after an onsite inspection, in 2021, revealed "serious shortcomings" in anti-money laundering compliance around politically exposed person (PEP) accounts.