ZURICH- Swiss private bank PKB Privatbank SA Lugano committed serious breaches of money laundering regulations in business linked to scandal-plagued Brazilian groups Petrobras
PETR4.SA
and Odebrecht
ODBES.UL
, the Swiss financial watchdog said.
"FINMA has ordered the disgorgement of 1.3 million Swiss francs ($1.40 million) in unlawfully generated profits and will appoint an external auditor to supervise the measures taken," the Financial Market Supervisory Authority said on Thursday.
FINMA has investigated more than a dozen Swiss banks in relation to the Petrobras and Odebrecht cases and launched four enforcement proceedings, one of which is still pending.
The bank in a separate statement said the decision would have no impact on the smooth functioning of the bank.
($1 = 0.9303 Swiss francs)
(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi) ((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters Messaging: michael.shields.thomsonreuters.com@reuters.net))
"FINMA has ordered the disgorgement of 1.3 million Swiss francs ($1.40 million) in unlawfully generated profits and will appoint an external auditor to supervise the measures taken," the Financial Market Supervisory Authority said on Thursday.
FINMA has investigated more than a dozen Swiss banks in relation to the Petrobras and Odebrecht cases and launched four enforcement proceedings, one of which is still pending.
The bank in a separate statement said the decision would have no impact on the smooth functioning of the bank.
($1 = 0.9303 Swiss francs)
(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi) ((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters Messaging: michael.shields.thomsonreuters.com@reuters.net))
