Zurich, 9 November 2020 – As anticipated on 16 September 2020, Julius Baer has reached an agreement in principle with the U.S. Department of Justice (DOJ), resolving the investigation of the Bank’s role in corruption events around the world soccer federation FIFA.

The agreement entails Julius Baer entering into a three-year deferred prosecution agreement and a financial component, for which Julius Baer has taken a provision of USD 79.7 million to be charged against its 2020 financial results. Julius Baer anticipates that it will execute a final resolution in this matter with the DOJ shortly. This will mark another step in Julius Baer management’s continued efforts to pursue the closure of remaining regulatory and legal matters in cooperation with the relevant authorities.

As previously reported, Julius Baer has been cooperating with the DOJ since 2015 in its investigation of alleged money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies. The related regulatory proceeding in Switzerland was closed in February 2020, and the shortcomings identified are being remediated by Julius Baer through a comprehensive programme initiated in 2016.

Measures already taken include de-risking the business by re-documenting each one of the Bank’s client relationships and discontinuing certain individual relationships and operations not commensurate with Julius Baer’s risk appetite; renewing and strengthening the entire risk organisation; as well as introducing an enhanced Code of Ethics and Business Conduct.