The Swiss Attorney General’s Office (OAG) has fined PKB PRIVATBANK AG CHF 750,000 for failing to prevent money laundering between 2011 and 2014 by two employees linked to the “LAVA JATO” corruption case centered in Brazil. The investigation found the bank lacked proper measures to deter criminal activities.
PKB’s employees facilitated money laundering for the ODEBRECHT group by setting up accounts with front companies to conceal funds. Despite awareness of these actions, the bank failed to intervene effectively.
In related proceedings, the OAG charged individuals with money laundering and bribery offenses, but dropped charges against one following his death. PKB’s inadequate anti-money laundering procedures led to the fine, though the bank cooperated with the investigation.
PKB has accepted the penalty without appeal. Meanwhile, the OAG decided to abandon bribery charges in the same case.
This action against PKB is part of the broader LAVA JATO investigations by the OAG, involving multiple cases and significant asset seizures and restitution orders, totaling millions of Swiss Francs.
By FCCT Editorial Team
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