Money laundering prevention: FINMA concludes proceedings against PKB

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February 1 2018

Enforcement proceedings launched by the Swiss Financial Market Supervisory AuthorityFINMA have found that PKB Privatbank SA Lugano committed serious breaches of money laundering regulations by failing to carry out adequate background checks into business relationships and transactions linked with the corruption scandal involving Brazilian oil company Petrobras and Brazilian construction group Odebrecht. FINMA has ordered the disgorgement of CHF 1.3 million in unlawfully generated profits and will appoint an external auditor to supervise the measures taken.