Whistleblower Allegations Against Swiss Fintech and EY: Whistleblowers have made serious allegations against Swiss fintech Leonteq. In addition, EY's auditors are said to have preferred not to look too closely at the… EY Leonteq moneylaundering
EY stands accused by whistleblowers of having downplayed suspicions of money laundering and tax evasion in an investigation of long-standing client Leonteq, the «Financial Times» reported Monday.
Both deals should have been reported as suspicious to French authorities for possible money laundering and tax evasion after it was discovered that large commissions were paid to a company in the British Virgin Islands, rather than to the broker in France who sold the investments on Leonteq's behalf, according to the FT.
Documents and records related to the trades which were seen by the «FT» would raise questions about weak controls, a culture of rule-breaking, and poor corporate governance at Leonteq, they added. The company traded 29 billion Swiss francs worth of structured products last year, it said.
Information provided to the FT by the French cooperative ID Formation indicated something was amiss. According to their information, neither the manager nor the broker received a commission on the purchase of structured products from Leonteq.
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