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.