Switzerland's financial regulator said on Thursday that it has started proceedings against a former manager at Julius Baer Group AG for "serious breaches" of the country's money laundering regulations in connection with Venezuelan clients.
Top Swiss banker Collardi reprimanded by financial watchdog
Boris Collardi accepts the rebuke Keystone / Steffen Schmidt
Former Julius Bär CEO Boris Collardi has had his knuckles rapped by the Swiss Financial Market Supervisory Authority (FINMA) following an investigation into money laundering.
This content was published on January 21, 2021 - 11:43
January 21, 2021 - 11:43
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Collardi, who is now a partner at Geneva-based bank Pictet, says he has accepted the reprimand, which is related to the FINMA investigation into alleged corruption, particularly in connection with the Venezuelan state oil company PDVSA.
In a statementExternal link on Thursday, FINMA said it had launched enforcement proceedings in one case. In a second case, it discontinued proceedings after the person concerned had “credibly agreed not to accept a managerial position at a supervised institution in the future”. Finally, FINMA reprimanded two further people – one of whom was Collardi
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Galaxy Digital to Consider Proprietary Bitcoin Mining
Last Updated: 17 January 2021
Mike Novogratz’s Galaxy Digital (GLXY) has revealed that it will start Bitcoin mining services to add to its digital asset management services.
The firm’s mining branch Galaxy Digital Mining has been under development since last year. It will manage the new mining service the company wants to launch, according to the announcement.
The company says it will be integrating its existing business lines to “MiFi”, its miner-focused financial services, which includes risk management, investment, and lending offerings.
Armanda Fabiano, former director of mining at Fidelity Investment, will be in charge of the new mining operations.