Julius Baer Group AG said Wednesday that Swiss financial regulator Finma is lifting an acquisition ban imposed on the Swiss bank since February 2020.

Finma is formally lifting the ban on the execution of acquisitions “that lead to a significant increase in operating risks and in organizational complexity,” as the regulator put it at the time the ban was imposed.

The ban related to Julius Baer’s failure to combat money laundering between 2009 and 2018, including in corruption cases at soccer’s world governing body FIFA, according to Finma.

“Julius Baer welcomes the lifting of the ban on complex acquisitions given the significant progress the bank has made in strengthening its companywide risk management, particularly with regard to money-laundering prevention,” the company said.


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