Swiss Impose Restrictions On 2 Banks After AML Probe
By Najiyya Budaly (November 18, 2021, 12:28 PM GMT) -- Switzerland's financial regulator said on Thursday that it has hit two banks with restrictions for failing to prevent money laundering, concluding the country's probe into the lenders' dealings with Venezuela's state oil company.
The Swiss Financial Market Supervisory Authority, or FINMA, imposed measures on Banca Zarattini & Co. SA and CBH Compagnie Bancaire Helvétique SA after finding that the banks breached their obligations to combat money laundering and seriously violated supervisory law.
The watchdog said the lapses were connected to alleged corruption by Petróleos de Venezuela SA, the South American country's state-owned oil and natural gas company.
FINMA said it found...
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