Audi Suisse broke anti-money laundering rules and was ordered by Finma to return illicit profits totaling CHF 3.9 million.
The regulator has been investigating the bank since 2022. Citywire reported last month that the bank had replaced its general manager Raghi Bustani with head of private banking Yousef Nizam.
Finma said that following serious breaches of financial regulations, the bank cooperated and took corrective measures, including replacing people in several key positions, increasing compliance resources and parting ways with various clients. However, the company decided to continue relationships with certain high-risk clients.