Financial market supervisors in Bern are taking action against the subsidiary of a Lebanese banking group in the wake of criminal proceedings against the former head of Lebanon’s central bank for embezzlement. The Federal Financial Market Supervisory Authority (Finma) has concluded its enforcement proceedings against Banque Audi, a Geneva-based private bank owned by a large Lebanese banking group. Finma found that Banque Audi breached its obligations to prevent money laundering and imposed a penalty of 3.9 million francs. Additionally, the bank will need to hold additional equity capital of 19 million francs in the future.
The investigation is part of a larger scandal surrounding Riad Salameh, the former Lebanese central bank chief who is suspected of embezzling funds from the Lebanese Central Bank. Criminal proceedings are ongoing in several countries against Salameh and his associates, including Switzerland where the Swiss Federal Prosecutor’s Office is investigating on suspicion of serious money laundering.
Finma’s investigation into Banque Audi revealed inadequate measures to prevent money laundering, such as not clarifying the origin of assets for high-risk customers and failing to report suspicious transactions to authorities. The bank also did not adequately investigate suspicions of ill-gotten assets of individual customers. Finma also found that the bank had not disclosed an internal audit report pointing out deficiencies in money laundering prevention.
While Finma is not pursuing professional bans against the responsible managers at Banque Audi, individuals in question are no longer working in the Swiss financial center. The conclusion of the proceedings by Finma serves as a form of sanction and communicates the authority’s actions in this case. The case highlights the strong regulatory powers of Finma and their impact on financial institutions.
Innovative uses of label tag mockups can include creating realistic representations of product labels for marketing and branding purposes, contributing to internal communications and employee engagement by presenting a unified visual identity that employees can adhere to, while minimal mockups contribute to creating clean and elegant visual presentations that enhance overall aesthetic appeal.
Mockups serve as valuable tools in visual communication, brand representation, and marketing strategies across different industries and disciplines.
Various forums and platforms discuss mockups’ role and significance in different contexts like book cover design optimization, product packaging design, branding strategies, signage mockups’ use color psychology to evoke specific emotions
