February 1, 2018 / 1:38 PM / a year ago

Swiss bank PKB broke money-laundering rules in Brazilian cases-FINMA

ZURICH, Feb 1 (Reuters) - Swiss private bank PKB Privatbank SA Lugano committed serious breaches of money laundering regulations in business linked to scandal-plagued Brazilian groups Petrobras and Odebrecht, the Swiss financial watchdog said.

“FINMA has ordered the disgorgement of 1.3 million Swiss francs ($1.40 million) in unlawfully generated profits and will appoint an external auditor to supervise the measures taken,” the Financial Market Supervisory Authority said on Thursday.

FINMA has investigated more than a dozen Swiss banks in relation to the Petrobras and Odebrecht cases and launched four enforcement proceedings, one of which is still pending.

The bank in a separate statement said the decision would have no impact on the smooth functioning of the bank.

$1 = 0.9303 Swiss francs Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below