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AP National Business

Swiss banks faulted over money laundering tied to Venezuela

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Published 10:22 AM

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Switzerland’s financial markets watchdog says it has reprimanded and set restrictions on two Swiss banks for violating their obligation to fight money laundering in connection with clients in Venezuela, notably with links to state-run oil giant PDVSA. Banca Zarattini & Co. SA and CBH Compagnie Bancaire Helvetique SA were found to have breached their duties to put in place adequate risk-management policy. Such conduct represented “a serious infringement of supervisory law,” said Swiss Financial Markets Supervisory Agency FINMA Thursday. All told, five Swiss banks including Julius Baer and Credit Suisse were faulted in connection with money laundering involving Venezuela.

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