# Julius Baer's Monaco Arm Fined 1.5 Million Euros Over Money Laundering Failings > Monaco's financial regulator has fined Julius Baer Wealth Management (Monaco) 1.5 million euros, the latest in a series of sanctions targeting anti money laundering failings at the principality's financial firms. - Source: Monaco Day - Canonical URL: https://monacoday.com/en/article/julius-baer-s-monaco-arm-fined-1-5-million-euros-over-money-laundering-failings - Author: Camille Rousseau - Section: Society - Published: 2026-09-05T12:34:13.525Z - Updated: 2026-09-05T12:34:13.525Z - Tags: amsf, julius-baer, monaco-banking, anti-money-laundering - French edition: https://monacoday.com/article/julius-baer-s-monaco-arm-fined-1-5-million-euros-over-money-laundering-failings --- Julius Baer Wealth Management (Monaco) has been fined 1.5 million euros by the principality's financial regulator over serious anti money laundering failings, the latest sanction against a Monaco portfolio management company. The decision, taken by the sanctions committee of the Autorite Monegasque de Securite Financiere, the AMSF, and dated August 25, was published in the Journal de Monaco on Friday, September 4, and on the regulator's website. It followed an on site inspection carried out in October 2024. The AMSF upheld both grievances against the company in full. Wholly owned by the Zurich listed Julius Baer group, the firm had 25 staff and 908 client accounts at the time of the inspection, 44.1 percent of them classed as high or very high risk, with 91.2 percent held with Bank Julius Baer Monaco. The first grievance concerned how the firm organised its anti financial crime controls within the group. Under an intra group agreement with Bank Julius Baer Monaco, it delegated due diligence on its highest risk clients to the bank's compliance department, while keeping lower risk clients itself. The regulator found the arrangement was insufficiently framed: the agreement set out neither clear criteria for classifying client risk nor a documented process allowing the firm to satisfy itself that the checks carried out by the bank were complete, sound and up to date. The effect, according to the decision, was that the firm had become dependent on the bank's checks without the contractual means to exercise real control over them, despite remaining ultimately responsible for meeting its legal obligations. The second grievance concerned the late filing of three suspicious transaction reports, each submitted to the AMSF's financial intelligence unit long after grounds for suspicion had emerged. In the first case, the beneficial owner of a client, a Russo-British national, was linked by press reports identified during a 2021 review to a corruption scheme, yet the firm did not file its report until June 2022, some 393 days later. The second concerned a five million euro payment credited in May 2019 to a Monaco company owned by a politically exposed person, which came from a counterparty the firm had not identified and could not properly document; the report was not filed until July 2023, 1,202 days, or more than three years, after the transaction. The 1.5 million euro fine was set against a statutory maximum of 10 million euros. The committee weighed the firm's turnover, which rose from 25.7 million euros in 2023 to 27.9 million euros in 2025, and noted that it belonged to an international group with the resources to fund a compliant system. The AMSF rejected the firm's request to have the decision published anonymously, ordering it to appear in named form for three years before being anonymised, and noted that other entities in the Julius Baer group had already faced published anti money laundering sanctions since 2020, in Switzerland, the United States, France and Singapore. The penalty is the latest in a run of sanctions by the AMSF, which replaced the former SICCFIN in 2023 and now serves as both supervisor and Monaco's financial intelligence unit. In May it fined UBS Monaco six million euros, and in July it fined Moncrief Private Bank, formerly Banque Havilland Monaco, one million euros for repeat compliance failings. The drive comes as Monaco works to leave the Financial Action Task Force grey list of jurisdictions under increased monitoring, on which it was placed in June 2024. --- Originally published by Monaco Day. Free to cite with attribution and a link to https://monacoday.com/en/article/julius-baer-s-monaco-arm-fined-1-5-million-euros-over-money-laundering-failings.