Switzerland's financial industry watchdog FINMA has launched enforcement proceedings against a senior manager at Julius Baer.

FINMA has also reprimanded two others over the private bank's failure to prevent money laundering. 

The regulator said it has dropped its inquiries into another executive after a fourth manager agreed to resign following the inquiry into to alleged corruption in Venezuela. 

A reprimand falls short of FINMA's most severe sanction of banning an executive from working in the financial industry for up to five years. 

FINMA said that although mistakes were made in the case of the two reprimanded bankers, there was insufficient evidence they had directly breached banking supervisory law. 

FINMA, which did not name any of executives involved, did not say when it would make a decision on the punishment of the executive it has launched enforcement proceedings against. 

The regulator strongly criticised Julius Baer last year, saying it had uncovered widespread failings at the bank which it said had fallen "significantly short" in combating money laundering between 2009 and early 2018. 

The shortcomings were linked to alleged cases of corruption linked to Petróleos de Venezuela, an oil company in Venezuela, and FIFA, the world soccer federation. 

The bank was ordered to improve its anti-money laundering procedures and change how it recruited and managed client advisors in the wake of the affair.