Navigation

Skiplink Navigation

Main Features

Panama Papers probe Swiss ban Gazprombank Switzerland from accepting new private clients

The entrance to Gazprombank Switzerland's office on Zollikerstrasse in Zurich

The entrance to Gazprombank Switzerland's office on Zollikerstrasse in Zurich

(Keystone)

Switzerland's financial regulator has banned Gazprombank Switzerland from taking on new private clients after identifying serious shortcomings in its anti-money laundering processes. 

The Financial Market Supervisory Authority (FINMA) on Thursday said the Swiss branch of the Russian bank had “failed to carry out "adequate economic background clarifications into business relationships and transactions with increased money laundering risks". 

An investigation launched in 2016 into 30 Swiss banks based on information from the Panama Papers leaks found the Swiss subsidiary of the Russian state-owned bank to be in serious breach of anti-money laundering due diligence requirements between 2006 and 2016. 

“No new relationships with private clients may be accepted and existing relationships must be strictly monitored,” FINMA said in a statementexternal link

In a separate statement released on Thursday, Gazprombank Switzerland said it accepted FINMA’s decision. It said the measures related exclusively to its business with private clients and added that it was primarily engaged in corporate banking.

Reuters/AP/sb

Neuer Inhalt

Horizontal Line


swissinfo EN

Teaser Join us on Facebook!

Join us on Facebook!

subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters