Swiss bank caught in Venezuelan money-laundering scandal
As a Swiss bank gets slapped for breaching money-laundering rules, this sculpture in Caracas pays homage to the oil workers of Petroleos de Venezuela SA (PDVSA).
Keystone / Rayner Pena R
The Swiss Financial Market Supervisory Authority (FINMA) has found that Banca Credinvest “seriously violated money-laundering regulations” in its handling of Venezuelan client relationships.
This content was published on
1 minute
Reuters/Keystone-SDA/sm
Español
es
Banca Credinvest, señalada en el caso de Petróleos de Venezuela
On Tuesday the watchdog announced that it had ordered the Ticino-based bank to monitor all private banking clients in order to identify and address any additional money-laundering risks.
In 2018 FINMA opened enforcement proceedings against the bank in the context of suspected corruption linked to Venezuelan oil company PDVSA. According to FINMA, the bank’s measures against money laundering and risk management were insufficient. In particular, it says the bank violated its due diligence obligations in the area of combating money laundering between 2013 and 2017.
More
More
Swiss oil traders and banks burned by Venezuela ties
This content was published on
Several Swiss companies and banks have found themselves in the line of fire as the United States ramps up pressure on the Venezuelan government.
The watchdog says Banca Credinvest insufficiently identified its customers and beneficial owners, insufficiently monitored the transactions of these customers, incompletely documented the processes and was too late in reporting suspicious facts to the authorities.
“In order to restore the orderly state of affairs” FINMA has now ordered various measures, which the bank has already begun to implement. Among other things, the bank must check all private banking clients for increased money-laundering risks.
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
Join the conversation!