Julius Baer opens Fifa-related internal investigation

[GENEVA] Julius Baer Group Ltd, Switzerland's third- largest wealth manager, opened an internal probe related to investigations of Fifa, the organizing body for soccer.

Julius Baer is fully cooperating with authorities, Jan Vonder Muehll, a spokesman for the Zurich-based bank, said by telephone Wednesday.

Swiss police arrested Fifa and regional soccer officials in Zurich on May 27 at the request of US prosecutors who accuse the individuals of racketeering, wire fraud and money laundering.

The US Justice Department indictment says money transfers were made to and from bank accounts. It doesn't accuse the banks of wrongdoing. Financial firms in the US are obligated to flag suspicious transactions to federal money-laundering authorities.

BLOOMBERG