The Swiss Financial Market Supervisory Authority (FINMA) has identified “serious shortcomings” in anti-money laundering processes regarding private clients at Gazprombank Switzerland. 

According to FINMA, the bank failed to carry out adequate economic background clarifications into business relationships and transactions with increased money laundering risks. 

As a consequence FINMA has banned Gazprombank from accepting new private clients until further notice.

In 2016, based on information from the Panama Papers, FINMA launched an investigation into more than 30 Swiss banks. As part of this re...