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