Key details:
The Swiss Attorney General’s Office handed a former wealth manager at Pictet Bank a six-month suspended prison sentence for involvement in a money laundering scheme.
- Pictet Bank was fined 2 million Swiss francs (~USD 2.46 million) for failing to take “all reasonable and necessary measures” to prevent transfers designed to conceal the criminal origin of funds.
- The case involved an offshore firm linked to an employee of Brazil’s state-run oil company Petrobras, with transfers totalling over USD 4.1 million between 2010 and 2013.
- Pictet stated the settlement “does not constitute an admission of guilt or acceptance of liability” and that it does not affect its core business units.