Four bankers who helped an in depth good friend of Russian President Vladimir Putin transfer tens of millions of {dollars} by Swiss financial institution accounts have been convicted of failing to carry out due diligence in monetary transactions.
The 4 have been discovered responsible Thursday of serving to Sergey Roldugin, a live performance cellist who has been dubbed “Putin’s wallet” by the Swiss authorities.
The executives — three Russians and one Swiss — helped Roldugin, who’s godfather to Putin’s eldest daughter, Maria, deposit tens of millions of francs in Swiss financial institution accounts between 2014 and 2016.
The males, who can’t be recognized below Swiss reporting restrictions, have been discovered responsible at a listening to at Zurich District Court and got fines totaling 741,000 Swiss francs ($809,000).
In Switzerland, banks are obliged to reject or terminate business relationships if there are doubts in regards to the identification of the contracting social gathering.
A spokesman for Gazprombank, the place the 4 executives labored, described the choice as a “black day,” including that the bankers would all enchantment.
The 4 executives helped Roldugin function two financial institution accounts at Gazprombank in Zurich, by which tens of millions of francs flowed, with out conducting adequate checks, the courtroom heard.
Judge Sebastian Aeppli stated it was not attainable to ascertain the actual proprietor of the funds, however the bankers had failed of their responsibility to conduct due diligence and verify.
“It has been proven without doubt that Roldugin cannot be the beneficial owner,” Aeppli stated.
Gazprombank had requested Roldugin in regards to the origins of the cash in spring 2016 however didn’t obtain a solution, the choose stated. The financial institution ultimately closed the accounts in September 2016.
It was solely in February 2022 that Roldugin stated he was the proprietor, however nonetheless didn’t present the paperwork requested in 2016.
Further investigations ought to have been carried out due to the quantity of belongings concerned, which was greater than 10 million Swiss francs ($11 million), the choose stated.
The bankers ought to have requested whether or not info supplied in regards to the origin of the belongings was believable, he added.
Other pink flags, such because the political scenario in Russia and the usage of offshore and middleman accounts, have been ignored, the choose stated.
“It must be taken into consideration that millions in funds was going into the accounts,” Judge Aeppli stated. “This was at a time when the US had already announced measures against Russia.”
The case highlights how folks like Roldugin have been used as “strawmen,” the indictment seen by Reuters stated, a solution to disguise the true house owners of cash.
Prosecutor Jan Hoffmann stated he welcomed the courtroom’s resolution.
“It is an important sign that diligence of the law against money laundering has to be respected,” he stated Thursday.
Sums of round 30 million Swiss francs ($31.84 million) have been concerned within the case, Hoffmann instructed an earlier listening to.
This occurred although the musician, who seems on Switzerland’s record of sanctioned Russians, had no listed exercise as a businessman.
Roldugin was amongst members of Putin’s internal circle sanctioned by the West, together with Switzerland, after Russia invaded Ukraine final yr.
Putin has up to now described Roldugin as a good friend, an excellent musician and benefactor, who has actually earned some cash from a minority stake in a Russian firm.
The Kremlin has beforehand dismissed any suggestion that Roldugin’s funds are linked to the Russian chief as anti-Russian “Putinophobia,” saying Putin’s funds have been a matter of public file.
The protection had argued there was no cause to doubt that Roldugin was the actual proprietor of the accounts, and it was “plausible” that Roldugin was wealthy as a result of he was a good friend of Putin.
“Sergey Roldugin is not just any cellist and conductor, but also a Kremlin favorite who obviously had access to special financing possibilities that allows him to accumulate substantial wealth,” the protection stated, in response to a pre-trial briefing.
Source: www.cnn.com