Julius Baer Settles FIFA Corruption Case With U.S. Authorites

(Bloomberg) -- Julius Baer Group Ltd. reached a settlement with U.S. authorities over a long-running investigation involving the bank’s role in corruption at FIFA, the governing body for world soccer.

The Swiss private bank has set aside $79.7 million to help cover financial penalties related to the deal, which will be booked against 2020 results, according to a statement on Monday.

Julius Baer has been under pressure to improve its anti-money laundering controls following harsh criticism by regulators. In February, Swiss financial watchdog Finma blocked the bank from making large acquisitions, saying it fell “significantly short in combating money laundering” between 2009 and early 2018.

The FIFA agreement also includes a three-year deferred prosecution, the bank said, without being more specific. Julius Baer has been cooperating with the U.S. Department of Justice since 2015 in an investigation of money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies, the bank said.

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