Switzerland Prosector Fines Swiss Private Bank Pictet Bank $2.4 Million (CHF 2 Million) & Sentences ex-Pictet Bank Relationship Manager (Head of Brazil) to 6 Months Custodial Sentence with 2-Year Probation for Money Laundering from 2010 to 2013, $4.1 Million in 54 Transfers for Corrupt Payments for Brazil Public Official, Case is Related to Brazil State-Owned Oil Company Petrobras Corruption Case (Lava Jato), Bribery Charges Were Dropped, Both Pictet Bank & ex-Pictet Bank Relationship Manager (Head of Brazil) Declared Not to Appeal
18th June | Hong Kong
Switzerland prosector (Office of the Attorney General of Switzerland ) has fined Swiss private bank Pictet Bank $2.4 million (CHF 2 million) and sentenced an ex-Pictet Bank Relationship Manager (Head of Brazil) to 6 months custodial sentence with 2-year probation for money laundering from 2010 to 2013, with $4.1 million in 54 transfers for corrupt payments for a Brazil public official. The case is related to Brazil state-owned oil company Petrobras corruption case (Lava Jato). The bribery charges were dropped, and both Pictet Bank & the ex-Pictet Bank Relationship Manager (Head of Brazil) had declared not to appeal. Announcement (17/6/25): “The Office of the Attorney General of Switzerland has issued a summary penalty order against a former relationship manager at Banque Pictet et Cie SA (Pictet Bank), sentencing him to a six-month suspended custodial sentence for acts of aggravated money laundering. Pictet Bank was sentenced to a fine of CHF 2 million for failing to take all reasonable and necessary measures to prevent these acts from being committed. The criminal investigation established that between June 2010 and May 2013, funds totaling more than USD 4.1 million originating from corrupt payments were transferred from the account of a Brazilian public official at Pictet Bank with the aim of concealing their criminal origin … … This conviction comes as part of a series of proceedings initiated by the Office of the Attorney General of Switzerland (OAG) in relation to the international corruption case known as “Lava Jato”, which has its epicenter in Brazil. Involving state-owned oil company Petrobras, this case also had repercussions in Switzerland. In this context, in December 2021, the OAG initiated a criminal investigation against Pictet Bank, one of its former relationship managers and unknown perpetrators on suspicion of complicity in bribery of foreign public officials (Art. 25 and Art. 322septies of the Swiss Criminal Code (SCC)) and aggravated money laundering (Art. 305bis sections 1 and 2 SCC) in connection with Art. 102 para. 2 SCC … … In a summary penalty order dated 17 June 2025, the OAG found a former relationship manager within Pictet Bank’s Wealth Management division and, since January 2013, head of the Brazilian market, guilty of aggravated money laundering (Art. 305bis sections 1 and 2 SCC). He was sentenced to a six-month suspended custodial sentence with a two-year probation period. This sentence takes into account the time elapsed since the offence was committed, the accused’s cooperation during the proceedings and his personal circumstances. Pictet Bank was found guilty of violating Art. 102 para. 2 SCC in relation to the offense of aggravated money laundering (Art. 305bis sections 1 and 2 SCC) and was sentenced to a fine of CHF 2 million. This amount also takes into account the time elapsed since the offence was committed, as well as Pictet Bank’s very good cooperation in the proceedings and the corrective measures taken within the bank, including organizational measures, after the Petrobras case came to light.” More info below:
“ Switzerland Prosector Fines Swiss Private Bank Pictet Bank $2.4 Million (CHF 2 Million) & Sentences ex-Pictet Bank Relationship Manager (Head of Brazil) to 6 Months Custodial Sentence with 2-Year Probation for Money Laundering from 2010 to 2013, $4.1 Million in 54 Transfers for Corrupt Payments for Brazil Public Official, Case is Related to Brazil State-Owned Oil Company Petrobras Corruption Case (Lava Jato), Bribery Charges Were Dropped, Both Pictet Bank & ex-Pictet Bank Relationship Manager (Head of Brazil) Declared Not to Appeal “
Aggravated money laundering related to corrupt payments – The investigation established that between June 2010 and May 2013, the former Pictet Bank relationship manager approved, in the course of his professional activities, the execution of 54 transfers to accounts in Switzerland and abroad, totaling more than USD 4.1 million, debited from an account held at Pictet Bank in the name of an offshore company and whose beneficial owner was a Petrobras employee. The debited assets originated from corrupt payments made to the latter by an intermediary acting on behalf of the Dutch group SBM Offshore in relation to contracts with Petrobras for the chartering and operation of oil rigs. To channel the corrupt payments, the intermediary had used Swiss bank accounts in the names of offshore companies, one of which was held at Pictet Bank. By their nature and the circumstances in which they took place, the aforementioned 54 transfers served to conceal the criminal origin of the assets. The former Pictet Bank relationship manager thus acted in a manner conducive to hindering the identification and confiscation of assets stemming from the bribery of foreign public officials (Art. 322septies SCC). Seeing as he acted over a period of more than three years and that his acts involved more than USD 4.1 million, he was found guilty of aggravated money laundering pursuant to Art. 305bis sections 1 and 2 SCC.
Corporate criminal liability – The investigation established that the aggravated money laundering was made possible by organizational shortcomings at Pictet Bank. These shortcomings manifested themselves in the failure to classify as high risk the accounts held respectively by the Brazilian public official and the intermediary, as well as failures in the monitoring of the above-mentioned 54 transfers. These breaches of the anti-money laundering rules applicable at the time undermined the integrity of the Swiss financial industry. Pictet Bank was therefore found guilty of violating Art. 102 para. 2 SCC in relation to the offense of aggravated money laundering.
Partial abandonment of proceedings – As the investigation did not establish that the former relationship manager had intentionally assisted in the execution of the corrupt payments under investigation, the criminal proceedings against him and Pictet Bank for suspected complicity in bribery of foreign public officials (Art. 25 and Art. 322septies SCC in conjunction with Art. 102 para. 2 SCC) were abandoned (Art. 319 para. 1 let. b of the Swiss Criminal Procedure Code).
Entry into force – Both the former relationship manager and Pictet Bank have declared that they will not appeal the summary penalty and partial abandonment of proceedings order. The order is therefore final and can be consulted or obtained in anonymous form, subject to the usual conditions, upon request to the OAG’s Legal Service ([email protected]).
Switzerland Prosector Fines Swiss Private Bank Pictet Bank $2.4 Million (CHF 2 Million) & Sentences ex-Pictet Bank Relationship Manager (Head of Brazil) to 6 Months Custodial Sentence with 2-Year Probation for Money Laundering from 2010 to 2013, $4.1 Million in 54 Transfers for Corrupt Payments for Brazil Public Official, Case is Related to Brazil State-Owned Oil Company Petrobras Corruption Case (Lava Jato), Bribery Charges Were Dropped, Both Pictet Bank & ex-Pictet Bank Relationship Manager (Head of Brazil) Declared Not to Appeal
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