Banque J. Safra Sarasin SA and one of its former relationship managers convicted by summary penalty order
Bern, 22.08.2025 — The Office of the Attorney General of Switzerland (OAG) has issued a summary penalty order sentencing Banque J. Safra Sarasin SA (hereinafter: Banque Safra) to a fine of CHF 3.5 million for failing to take all reasonable and necessary organisational measures to prevent the commission or attempted commission of aggravated money laundering acts between November 2011 and May 2014, for a total amount of approximately USD 71 million. Banque Safra having also paid a settlement amount of CHF 16 million to Petrobras, private claimant in the proceedings, the OAG has not ordered a compensatory claim. The OAG also sentenced a former employee of Banque Safra to a six months’ suspended custodial sentence for aggravated money laundering acts committed between November 2011 and July 2014 while working for another Swiss bank, involving a total amount of USD 29.2 million.