Swiss court fines Lombard Odier CHF3M over AML control failures linked to Uzbekistan corruption case, underscoring the need for stronger PEP due diligence and risk controls

The court found deficiencies in the bank’s AML controls, while a former employee was convicted of aggravated money laundering and received a suspended 24-month prison sentence. The court also ordered the confiscation of more than CHF400 million in assets linked to the case. It highlights continued regulatory expectations for private banks to maintain robust client risk assessments, source of wealth/source…