Swiss Banks

Leumi and Swiss banks not abide their financial crisis, which is not over yet by the laws that had Americans, moved the Switzerland. The result are a rapidly increasing influence of the free market by the Government of many banks, as also the oldest Zurich private bank Rahn & Bodmer, feel constricted, so a partner in a “World Week”-interview. The existing laws for the financial market are already so comprehensive, you no longer even in book form are available, but may be provided only on a CD-ROM. Voices are loud in the peaceful Switzerland, whereby the regulatory fury of the Government rather contributes to weakening as to the intended strengthening of the financial market. Although the new laws seem only benefit the image of Switzerland to prevent horse-trading and harder to punish, but this will prevent the banks, which have carried out such operations under the previous standards and regulations, no further. So have the newly adopted regulations the Bank Leumi AG, Dierikon of the French stock market authority AMF in connection with insider trading fell between 2003 and 2007. In the FINMA case had the Bank Leumi asset management customer not on the AMF data redirected, which is why the EKB himself once turned in the case. Everything started as a customer in the Geneva branch of Bank Leumi called and commissioned them with the purchase of titles on the French financial market.

The misjudgment of the Bank was already here, that she decided on for more customers this title to purchase and add to the potfolio added, although none of the clients through a written agreement for such financial transactions had with the Bank Leumi. It was added that the relationship manager of Geneva an incorrect date of the conclusion of the contract was a branch for the recording of orders. Because of this many errors on the part of the Bank, they could present no customer dossiers and reliable effects journals when she was asked by the SFBC. A reconstruction from the observations of the Bank employees followed. There may be speculation about the accuracy. Was striking in this case as well, that a lawyer who acted as a representative of the wealth management customers, has worked for the Bank as a consultant in advance. As an explanation for the incident, this lawyer wrote a letter based on a sample letter, which the Bank said customers have recommended the title, and wrote another letter, which only served to reinforce the first. Thus, it should be achieved that the SFBC of AMF makes no message.

2008, The compliance Department of the Bank recognized the facts, she enlightened the SFBC immediately, again initiated an investigation against the Leumi Bank. Better late than never seized the Bank consequences after the identification of errors and omissions. The result was a legally justified infringement of the provisions of the guide of a securities journal and customer dossiers, as well as an indictment of misinformation on the part of the Bank to the SFBC. Despite the missteps of then and bad PR the Bank Leumi has retracted a profit increase of 3.

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