Negligence in Financial Crime: Examining the Conduct of Individuals Involved in Julius Baer Case
The case involved an investigation by the Financial Conduct Authority (FCA) into the potentially improper and corrupt arrangements between Julius Baer and a finder. The FCA argued that suspicious transactions should have been stopped and ultimately took the matter to the Upper Tribunal. The Tribunal found that the conduct of the individuals involved was negligent rather than reckless, but made clear that it was an important case to bring due to the serious risks of financial crime. However, the Tribunal did identify one document of limited significance that was not disclosed as a result of human error. The FCA has taken this seriously and is now reviewing its disclosure processes to avoid such errors in the future.