The Swiss Financial Market Supervisory Authority (FINMA) announced Tuesday its finding that Banca Credinvest, an independent Swiss bank, “seriously breached” anti-money laundering (AML) regulations with regard to dealings with Venezuelan state-owned and state-controlled energy company PDVSA.
The findings conclude an investigation FINMA launched in November 2018. According to the agency, between 2013 and 2017, Banca Credinvest breached its duty of due diligence in relation to AML regulations by failing to adequately identify its clients or beneficial owners and by failing to sufficiently monitor these clients’ transactions. Banca Credinvest further “documented the processes incompletely and reported suspicious activity to [money-laundering reporting officers] too late,” FINMA said.
