Gazprombank Switzerland sanctioned over money laundering concerns
On February 1, 2018, Switzerland’s financial regulator, FINMA, banned Gazprombank Switzerland from taking on new private clients in response to its lack of appropriate anti-money laundering measures. FINMA’s investigation was triggered by the 2016 Panama Papers: leaked documents on elites’ use of offshore corporations. Gazprombank Switzerland – a subsidiary of a Kremlin-controlled bank – “was in serious breach of its anti-money laundering due diligence requirements” between 2006 and 2016, according to FINMA. FINMA found Gazprombank Switzerland’s risk categorization, record-keeping, and reporting inadequate.

About This Incident

Threat Actors: Russia

Incident Metadata

Date: Feb-18
Country: Switzerland