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Swiss regulator sanctions PKB Privatbank, Gazprombank Switzerland

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Swiss regulator sanctions PKB Privatbank, Gazprombank Switzerland

The Swiss Financial Market Supervisory Authority FINMA took actions against PKB Privatbank SA and Gazprombank (Schweiz) AG for breaches of anti-money laundering requirements.

The regulator found failures by Lugano-based PKB Privatbank in carrying out background checks into business relationships and transactions in connection with the corruption scandal involving Brazilian oil company Petrobras and Brazilian construction group Odebrecht. FINMA ordered the bank to pay back CHF1.3 million obtained from unlawfully generated profits, and will appoint an external auditor to supervise the measures.

Additionally, the regulator banned the Swiss subsidiary of Russia-based AO Gazprombank from expanding its activities with private clients until further notice and called for strict monitoring of the existing ones, after it found shortcomings in the bank's dealings with clients with increased money laundering risks during the period between 2006 and 2016.