Banking officials that are a conduit for criminal activity undermine their own profession and the health of our financial system,” stated IRS CI Special Agent-in-Charge Korner. “Bank Julius Baer aided corrupt FIFA officials in laundering over $36 million. The FBI operates globally with our international partners, and our message to those who may be looking to profit from similar schemes is simple – the penalties for this type of play are steep. government is more than double what it admits to laundering. “Their behavior has earned them the equivalent of a red card, and the money the bank now owes the U.S. 'Bank Julius Baer pursued the profit it could make laundering corrupt funds derived from a criminal scheme run by powerful FIFA officials,” stated FBI Assistant Director-in-Charge Sweeney. “From the time of the first FIFA-related indictment, the Department has promised to hold accountable the financial institutions involved in this global criminal scheme. “Today’s resolution sends a strong message to all banks and other financial institutions that if they knowingly misuse our financial system to hide their clients’ criminal proceeds or to promote a corrupt scheme, they will be held to account,” stated Acting Assistant Attorney General McQuaid. As today’s resolution makes clear, financial institutions that become complicit in their clients’ efforts to launder illicit funds face significant penalties.” “This Office will hold accountable those corporations or individuals that use the American banking system for corrupt ends. “BJB and its employees facilitated bribes and its compliance department turned a blind eye to glaring red flags of money laundering,” stated Acting U.S. Korner, Special Agent-in-Charge, Internal Revenue Service Criminal Investigation, Los Angeles Field Office (IRS CI), announced the agreement. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), and Ryan L. McQuaid, Acting Assistant Attorney General of the Justice Department’s Criminal Division, William F. Lesko, Acting United States Attorney for the Eastern District of New York, Nicholas L. Jorge Luis Arzuaga, a former BJB relationship manager who worked in the Bank’s Montevideo, Uruguay and Zurich, Switzerland offices, pleaded guilty in June 2017 for his role in this conspiracy and was sentenced by Judge Chen to three years’ probation in November 2020. As part of this agreement, the Bank has agreed to pay more than $79 million in penalties (including a fine of $43,320,000 and forfeiture of $36,368,400) to resolve the investigation into its involvement in a money laundering conspiracy that fueled this international soccer bribery scheme. The Bank has entered into a three-year deferred prosecution agreement with the government in connection with a criminal information filed today in the Eastern District of New York charging the Bank with conspiring to commit money laundering. The proceeding was held before United States District Judge Pamela K. These bribes were in furtherance of a scheme in which sports marketing companies bribed soccer officials in exchange for broadcasting rights to soccer matches. (“BJB” or “the Bank”), a Swiss bank with international operations, admitted today in federal court in Brooklyn that it conspired to launder over $36 million in bribes through the United States to soccer officials with the Fédération Internationale de Football Association (FIFA) and other soccer federations. The bank provides products via its open architecture platform as well as securities and foreign exchange trading.BROOKLYN, NY – Bank Julius Baer & Co. The firm's services consist mainly of wealth management and investment consultancy. The group manages assets for private clients from all over the world. Julius Baer employs a staff of over 6,600 worldwide. Located in 28 countries, it is known for its banking secrecy and client confidentiality. The majority of income is generated by commissions and service fees. In terms of assets under management, Julius Baer is number three among Swiss banks after the two generalists UBS and Credit Suisse and the biggest pure-play private bank.Įstablished as a traditional private bank and named after Swiss banker Julius Bär, it provides investment management, real estate financing, wealth management, and select offerings in sales and trading based on an open and managed architecture. Headquartered in Zürich, it is among the older Swiss banking institutions. Julius Bär Group AG, known alternatively as Julius Baer Group Ltd., is a private banking corporation founded and based in Switzerland.

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