The Swiss Financial Market Supervisory Authority (FINMA) has announced sanctions against Gazprombank (Switzerland) Ltd based on the results of the investigation based on the Panamanian dossier.
The Swiss state regulator FINMA have recently discovered serious shortcomings in the processes to counteract the legalisation of illegally obtained income against private customers. In a statement circulated on February 1st, the regulator noted that as punishment, the bank’s right to attract new private customers to further order was limited. Operations of existing customers will be under special supervision, the message also stated.
In a press release, Gazprombank (Switzerland) Ltd said that it agrees with the decision of the regulator, but at the same time stressed that FINMA’s complaints relate mainly to violations committed before 2009 – until Russian Gazprombank bought the institution and subsequently renamed it. Previously, the bank was called Russian Commercial Bank Ltd and belonged to the Russian bank VTB.