Swiss authorities froze more than $1.2 billion of funds from Angola at Banque Syz. The Swiss wealth manager is now reportedly in the crosshairs of its regulator as well.
The Geneva-based wealth and asset manager was the one to raise alarm on more than 1.1 billion ($1.2 billion) in funds tied to Carlos Manuel de São Vicente, an Angolan businessman suspected of money laundering. Geneva's prosecutor began investigating Carlos Manuel – and now apparently Swiss financial regulator Finma is looking at the bank, according to «Gotham City» (behind paywall, in French).
The Bern-based regulator, which didn't comment to finews.com, started an enforcement probe after identifying an «heightened» money laundering risk at Syz, the Swiss investigative portal reported. Enforcement proceedings investigates look into potential violations and shortcomings and typically include sanctions and remedial actions.
Behind-The-Scenes Probe?
The proceedings don't need to be made public, though Finma does report its activities in a year-end summary. A spokesman for Syz wasn't available for comment; the bank told «Gotham City» it applies due diligence requirements to its clients and reports any suspicions of money laundering to authorities when necessary.
Ironically, it Syz itself which sparked the investigation after raising alarm with Swiss money laundering officials at MROS at the end of 2018. When Geneva's prosecutor took up the case, the funds were frozen at Syz (the bank itself isn't being criminally investigated).
The situation is nevertheless dicey for Syz: a $1 billion-plus case is considerably disruptive. Manuel's lawyer says he contests the charges. Syz knew of the dicey client relationship when it acquired RBC Switzerland five years ago.
