Switzerland’s financial watchdog on Thursday said that it has sanctioned the local subsidiary of Russia’s Gazprombank following a money laundering investigation triggered by the Panama Papers leaks.
Gazprombank Switzerland has been barred from taking on new clients after being “in serious breach of its anti-money laundering due diligence requirements in the period from 2006 to 2016,” the Swiss Financial Market Supervisory Authority said in a statement.
Switzerland opened probes into 30 banks following the release in 2016 of the so-called Panama Papers — a massive amount of data from a prominent Panamanian law firm showing how the world’s wealthy stash assets.
In an investigation that concluded last month, Gazprombank Switzerland was found to have committed a range of violations, including sloppy risk assessments.
“The bank also failed to keep appropriate records of the transactions and relationships, and frequently did not validate the documentation it obtained,” the agency said.
The bank’s Swiss unit broadly showed “serious
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