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Old 25.04.2011, 02:30
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My "bank" fined for money laundering scam

PostFinance, the financial services arm of Swiss Post, has been fined SFr250,000 ($283,000) for failing to detect a money laundering scam.

It is the first time a Swiss financial institution has been sanctioned under money laundering laws which require financial services to investigate the origins of suspicious money transfers.

The case dates back to February 2005 and a cash transfer of SFr4.6 million made to a PostFinance account held in the name of a director of a Dutch investment company.



Although PostFinance had verified that the account was not blocked, it did not conduct sufficient checks on the origins of the money, the Administrative Court of canton Solothurn ruled.

Swissinfo EN

Related news article in DE / translated EN

I guess it strikes yet another blow to their chances of obtaining a banking license.



Two employees have also been indicted on fraud and money-laundering charges says this report here. A previous report on this issue is here ( translated EN )
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