Swiss Regulator Censures Gazprombank After Panama Papers:

The Financial Times | February 01, 2018:

Bank banned from taking new private clients over failings on money laundering checks.

Swiss authorities have reprimanded Gazprombank, Russia’s third-largest bank, over “serious shortcomings in anti-money laundering processes” related to the Panama Papers.

Finma, Switzerland’s financial regulator, said Gazprombank’s Swiss branch “failed to carry out adequate economic background clarifications into business relationships and transactions with increased money laundering risks”.

Gazprombank Switzerland was banned from taking on new private clients.

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