A pedestrian walks behind the headquarters of Julius Bayer Group Limited in Zurich, Switzerland.
Stephen Wermuth | Bloomberg | Getty Images
The big Swiss bank Julius Bayer received a deferred indictment from federal prosecutors on Thursday and has decided to pay a fine of around $ 20 million for money laundering conspiracy charges involving FIFA, the international football governing body.
The agreement means that Julius Bayer will not have to sue or face criminal punishment if the bank complied with the terms of the agreement for 422 months.
The deal was announced in a federal court in Brooklyn, New York, during a hearing for the bank, which was formally charged with money laundering.
A bank official, appearing during the virtual proceedings, pleaded not guilty in the case and told the judge that it had agreed to the postponed prosecution deal.
Under the terms of the agreement, the bank must acknowledge that the criminal charges against it are true and correct, and that it can be used against Julius Bayer in other proceedings.
After Julius Bayer agreed in principle with the US Department of Justice for a deferred indictment in November, the bank set aside करोड 10 million in November for what it expects to pay.
Julius Bayer is the third largest bank in Switzerland. According to a Reuters report last November, FIFA officials and related bodies said the bank was assisting the DOJ in its investigation into alleged money laundering and corruption.
That month, former Julius Bayer banker Jorge Arzuwaga was released from custody for three years in his own criminal case, where he pleaded guilty to conspiracy.
Arzuaga admitted that the Argentine sports marketing executive had helped bribe the president of the Argentine Football Federation, who was also FIFA’s vice-president.
In March, Switzerland Regulators announced they would take over the acquisition ban He blamed Julius Bayer for the bank’s failure to stop money laundering by its customers.