PKB Private Bank convicted in Switzerland after "aggravated money laundering" by staff

PKB Private Bank SA must pay a CHF750,000 (US$821,376) fine after the Office of the Attorney General of Switzerland found that between 2011 and 2014 its controls had failed to prevent criminal "aggravated money laundering" by two employees in connection with the "Lava Jato" corruption case, centred on Brazil.

PKB Private Bank SA (PKB) must pay a CHF750,000 (US$821,376) fine after the Office of the Attorney General of Switzerland (OAG) found that between 2011 and 2014 its controls had failed to prevent criminal "aggravated money laundering" by two employees in connection with the "Lava Jato" corruption case, centred on Brazil.