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Financials

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

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