⚠️Mirabaud Group Due Diligence: all significant negative findings related to Mirabaud Group, encompassing regulatory actions, legal disputes, and bad press . Full Report Below ⬇️
- The DigitalBank Vault
- May 2
- 4 min read
Certainly, here’s a comprehensive overview of the significant negative findings related to Mirabaud Group, encompassing regulatory actions, legal disputes, and employee feedback:
🏛️ Regulatory Actions & Legal Issues
1.
Swiss Regulator FINMA’s Enforcement
In September 2024, the Swiss Financial Market Supervisory Authority (FINMA) concluded that Mirabaud & Cie SA had “seriously violated” financial market laws. The bank failed to adequately monitor client relationships and transactions, particularly those linked to a deceased businessman accused of tax evasion. As a result, FINMA confiscated CHF 12.7 million ($15 million) in unlawfully generated profits and mandated a comprehensive review of high-risk transactions from 2018 to 2022. Additionally, Mirabaud was prohibited from accepting new clients presenting increased money-laundering risks until corrective measures were fully implemented.
2.
Dubai Financial Services Authority (DFSA) Fine
In July 2023, the DFSA fined Mirabaud (Middle East) Limited $3.02 million for inadequate anti-money laundering (AML) systems between June 2018 and October 2021. The bank processed numerous suspicious transactions for a group of interconnected clients without proper due diligence, failing to recognize clear indicators of potential money laundering. The DFSA also noted that Mirabaud did not obtain sufficient evidence of clients’ financial market experience, which was necessary for their classification as Professional Clients.
3.
Involvement in Venezuelan PDVSA Scandal
Mirabaud surfaced in the U.S. Department of Justice’s investigation into corruption at Venezuela’s state-controlled oil company, PDVSA. The bank held at least $4 million for Abraham Shiera, a contractor who pleaded guilty to corruption charges. This contradicted Mirabaud’s earlier claims of not having Venezuelan clients, raising concerns about its client vetting processes.
4.
Closure of Brokerage Unit
In October 2024, Mirabaud closed its brokerage arm due to poor performance. The decision led to the loss of 17 jobs across Switzerland, the UK, and Spain. While the bank stated that the closure was part of a strategic overhaul to focus on core services, it coincided with regulatory scrutiny over compliance failures.
5.
Anglo Irish Bank Lawsuit
In 2008, Anglo Irish Bank sued Mirabaud Securities Ltd, alleging that the firm spread a false rumor about Merrill Lynch withdrawing a $2 billion credit line. The lawsuit claimed that a Mirabaud employee disseminated an email containing the untrue and defamatory information, which contributed to a significant drop in Anglo Irish’s share price.
Employee Feedback & Internal Culture
Employee reviews on Glassdoor reveal concerns about Mirabaud’s management and internal culture:
Management and Operations: Employees have criticized the bank’s management for lacking vision and failing to care about staff well-being. Operational inefficiencies and poor collaboration between departments have also been highlighted.
Investment Strategies: There are allegations that investment decisions are made based on “gut feelings” without a solid investment thesis, leading to underperformance of funds. In 2022, every fund reportedly underperformed its benchmark.
Employee Treatment: Reports indicate that the bank hires younger employees at lower salaries compared to industry standards, leading to high turnover. Extra hours are often uncompensated, and there’s a perception that employees are treated as expendable.
🔍 Summary
Mirabaud Group has faced significant regulatory penalties and legal challenges due to compliance failures, particularly concerning anti-money laundering practices. The bank’s involvement in international scandals and internal management issues have further impacted its reputation. Employee feedback underscores systemic problems within the organization, including poor management, inadequate investment strategies, and subpar employee treatment.
If you require a more detailed analysis or assistance in compiling a due diligence report, please let me know.
Disclaimer: This simulated assessment did not access live systems. Findings are based on public disclosures and simulated (external) technical extrapolation.
All testing adhered to ethical constraints: only non-intrusive tools, no actual exploit payloads were sent, and no access was attempted beyond publicly exposed interfaces.
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