Two more Swiss banks breached their obligation to combat money laundering and seriously violated supervisory law, the country’s financial regulator FINMA said on Thursday, as it concluded its investigation into banks’ dealings with Venezuela’s state oil company PDVSA.
By Reuters – Reuters Staff
Nov 18, 2021
Banca Zarattini & Co. SA along with CBH Compagnie Bancaire Helvétique SA were both in breach and have had measures imposed upon them, FINMA said.
FINMA has imposed a temporary ban on accepting new Venezuelan and politically exposed persons as clients on Banca Zarattini. The measures imposed on CBH Bank include the termination of all remaining business relationships with Venezuelan clients.
In addition, CBH must review other especially risky client relationships and terminate these if necessary, FINMA said.
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Read More: Reuters – Two more Swiss banks broke money laundering rules in Venezuela – FINMA
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