The , or FINMA, said it has found serious shortcomings in AML processes regarding private clients at [tag|Gazprombank (Switzerland) Ltd|] Gazprombank (Switzerland) Ltd committed “serious breaches of money laundering regulations” by not carrying out adequate background checks into business relationships and deals linked with the corruption scandal involving Brazilian oil company Petrobras and Brazilian construction group Odebrecht.

The regulator has ordered PKF Privatbank SA Lugano to disgorge SFr1.3 million ($1.39 million) in unlawfully generated profits and will appoint an external auditor to supervise the measures taken.