The Swiss Attorney General's Office (OAG) said on Friday it had indicted private bank Lombard Odier and one of its former employees over aggravated money laundering.
Lombard Odier, a Swiss private bank, has been indicted by Swiss authorities for failing to adequately monitor accounts linked to a notorious Russian money laundering network. The bank is accused of not properly checking the origins of funds deposited by clients connected to the "Magnitsky case," a major scandal involving the embezzlement of $230 million from the Russian treasury. The indictment claims that Lombard Odier did not take sufficient measures to prevent money laundering between 2007 and 2010, despite red flags raised by the activities of these clients. The bank has stated that it takes its anti-money laundering responsibilities seriously and will defend itself against the charges. This case highlights ongoing scrutiny of Swiss banks' compliance with international anti-money laundering standards.
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