Lombard OdierPrivate▼ Negative
Regulationrelevance
Swiss court fined Lombard Odier $3.7 million for failing to prevent money laundering, with a former manager sentenced for aggravated money laundering.
A Swiss court has fined Lombard Odier & Cie SFr3m ($3.7m) after finding the bank guilty of failing to prevent an Uzbek money-laundering network from operating through its Geneva business. The Swiss Federal Criminal Court also handed a former relationship manager, identified as C., a two-year suspended prison term for aggravated money laundering, noting he managed about $140m. The court stated the bank had evidence suggesting assets in the accounts originated from corruption, yet its compliance function did not take sufficient measures to ensure further enquiries were conducted and documented. Lombard Odier disagrees with the ruling and plans to appeal, emphasizing that prosecutors never alleged knowing or willful participation and that the bank proactively reported suspicions to authorities in 2012. The judges also ordered the confiscation of more than $400m in related assets held in Switzerland.
Swiss court fined Lombard Odier $3.7 million for failing to prevent money laundering, with a former manager sentenced for aggravated money laundering.