Legal
Julius Baer Agrees DPA, Payment To Resolve FIFA Case

The bank hopes that this deferred prosecution agreement and payment - which will be factored into its 2020 results - will draw a line under a saga that highlighted the grubby side of global soccer organisation FIFA.
Julius Baer
yesterday said that it has agreed in principle with US
authorities to resolve a probe into its role over events around
scandal-hit soccer federation FIFA. The agreement includes a
three-year deferred prosecution agreement.
The Zurich-based private bank said in a statement that it has
taken a $79.7 million provision to be charged against its 2020
financial results.
“Julius Baer anticipates that it will execute a final resolution
in this matter with the DOJ shortly. This will mark another step
in Julius Baer management’s continued efforts to pursue the
closure of remaining regulatory and legal matters in cooperation
with the relevant authorities,” the bank said.
The bank said it has been cooperating with the US Department of
Justice since 2015 in its investigation of alleged money
laundering and corruption involving officials and affiliates of
FIFA and associated sports media and marketing companies. The
related regulatory proceeding in Switzerland was closed in
February 2020, and the shortcomings identified are being
remediated by Julius Baer through a programme that was started in
2016.
The lender said it has cut risks to its business by
re-documenting each one of its client relationships and has
terminated some individual relationships and operations that
don’t match Julius Baer’s risk appetite.
See a
previous story about this issue. FIFA had been at the centre
of corruption allegations over the conduct of a
number of its officials.