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PKB Privatbank Sentenced In Connection to Money Laundering

PKB Privatbank Sentenced In Connection to Money Laundering

Thu, Apr 4th 2024

PKB Privatbank faces a CHF 750,000 fine by Switzerland’s Attorney General for insufficient anti-money laundering protocols.

Keystone/KARL MATHIS

The Ticino-based PKB Privatbank SA has been fined CHF 750,000 by the Office of the Attorney General of Switzerland (OAG) in connection with money laundering.

This is in connection with the Petrobras affair in Brazil and dates back to the period from 2011 to 2014.

Part of the OAG criminal investigation, the Ticino bank did not take “all reasonable and necessary organisational precautions” against money laundering in the course of its business activities during the period in question.

It was thus unable to prevent two of its employees – a client advisor responsible for developing South American client relationships and his direct line manager – from committing the offence of serious money laundering.

PKB Laundering History

In 2022, the OAG had already sentenced a former senior employee of the bank to a suspended fine of CHF 270,000 for money laundering. At the time, it was the first conviction of a Swiss banker in connection with the Petrobras affair.

PKB was the first Swiss financial institution to be investigated in connection with this widespread corruption scandal.

In 2018, FINMA had already sanctioned the bank with a payment of CHF 1.3 million due to serious shortcomings in its anti-money laundering measures.

The so-called “Lava Jato” affair was uncovered in Brazil in 2014. It uncovered bribes that corrupt officials at the semi-state oil company Petrobras had received, revealing illegal financial circuits and manipulated contracts.

©Keystone/SDA

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