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Swiss regulator sanctions Gazprombank in wake of Panama Papers

Jaclyn Jaeger | February 2, 2018

The Swiss Financial Market Supervisory Authority (FINMA) said it has identified serious shortcomings in anti-money laundering processes regarding private clients at Gazprombank Switzerland.

According to FINMA, the bank “failed to carry out adequate economic background clarifications into business relationships and transactions with increased money laundering risks.” In view of the shortcomings identified in the bank’s AML control system, FINMA said it has banned Gazprombank from accepting new private clients until further notice, and existing relationships must be strictly monitored. Gazprombank Switzerland must also establish from among its board of directors a risk committee with a majority of independent members, FINMA added.

Investigation background. In 2016, following...

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