GENEVA (AP) — Switzerland’s financial market authority has penalized Julius Baer bank for violating its obligations to fight money laundering over a nearly nine-year span. The sanctions are related to alleged corruption linked to Venezuela’s state-owned oil company and global soccer body FIFA. The authority, known as FINMA, cited Julius Baer for a “serious infringement of financial market law” and barred it from carrying out “large and complex acquisitions until it once again fully complies with the law.” The bank was also ordered to revamp its hiring and management of client advisers, and adjust its remuneration and disciplinary procedures. “FINMA has instructed Julius Baer to undertake effective measures to comply with its legal obligations in combating money laundering and rapidly finalise the measures it has already started putting in place,” the authority wrote in announcing the closure of the probe of the bank.Read more on NewsOK.com