ZURICH (Reuters) – Swiss financial market supervisor FINMA on Thursday reprimanded private Bank SYZ over money laundering rules breaches involving business ties with a politically exposed Angolan client who made transactions worth tens of millions of Swiss francs.

“FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets,” the watchdog said in a statement, adding it had also failed to clarify the client’s high-risk transactions. “The bank did not adequately resolve issues that should have raised suspicions.”

Bank SYZ said it had taken a number of measures to improve the systems it had in place.

“The bank attaches the utmost importance to compliance with its anti-money laundering obligations,” it said in an emailed statement. “Unfortunately, for a specific business relationship, the procedures put in place proved to be inadequate.”

FINMA noted the Geneva-based wealth manager had reported suspicions, which enabled criminal

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By Paulina Duran and Byron Kaye

SYDNEY, Sept 11 (Reuters)Rio Tinto’s decision RIO.AX to part ways with its CEO and two senior executives reflects heightened investor concern over social issues and the loss of “social licence” to operate, governance groups and investors said.

The global miner said on Friday chief executive Jean-S├ębastien Jacques and two other executives would step down following an outcry over its decision to detonate part of an ancient gorge that showed 46,000 years of human habitation.

The move comes as investors are demanding increased transparency in how companies manage environmental, social and governance (ESG) risks, said Danielle Welsh-Rose, Aberdeen Standard Investments ESG Investment Director, Asia Pacific.

“The leadership changes at Rio Tinto today are significant in many ways, including showing that investors and other stakeholders will hold companies to account on their ESG performance,” she said.

Rio had been slow to recognise the

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