Switzerland’s financial regulator said it is prohibiting a Zurich-based bank from accepting new private clients after an investigation sparked by the «Panama Papers» uncovered a ten-year pattern of money-laundering.
Swiss regulator Finma banned Russian-owned Gazprombank from acquiring new private clients as a result of serious violations of Swiss money-laundering rules at the Zurich-based bank, according to a statement on Thursday.
The probe was sparked by the so-called Panama Papers, a trove of data leaked two years ago revealing how the rich and powerful are hiding their assets with the help of Mossack Fonseca law firm in Panama. Finma said it investigated more than 30 banks following the release of the data, going more in-depth at 20 of them.
Gazprom in Switzerland, owned by the Moscow-based bank of the same name, marks the conclusion of the Swiss probe. Finma said it found a ten-year pattern of lapses at the bank including categorizing