Zurich-headquartered Julius Baer Group got the green light from Swiss regulator FINMA to make large acquisitions again, after a ban imposed just over a year ago over money laundering control failings in its Latin America business was lifted.

Julius Baer said in statement that it had been informed by FINMA that it was "formally lifting the ban imposed in February 2020 on the execution of acquisitions that lead to a significant increase in operating risks and in organisational complexity".

The decision was based on a status report from FINMA's mandated auditor, which was supervising the implementation of the measures ordered by FINMA and the Bank's own measures.

FINMA will continue to closely accompany Julius Baer until the full implementation of these measures through the mandated auditor and additional supervisory measures.

Julius Baer said it "welcomed the lifting of the ban on complex acquisitions given the significant progress the bank has made in strengthening its company-wide risk management, particularly with regard to money laundering prevention".