PKB PRIVATBANK SA convicted for corporate liability in connection with aggravated money laundering
Bern, 4.4.2024 - The Office of the Attorney General of Switzerland (OAG) has ordered PKB PRIVATBANK AG (PKB) to pay a fine of CHF 750,000 in a summary penalty order dated 28 March 2024. The investigation conducted by the OAG revealed that between 2011 and 2014, in the course of its business, the bank failed to take all reasonable and indispensable organisational measures to prevent the crime of aggravated money laundering committed by two employees, a consultant in charge of South American customer development and his direct hierarchical superior.