Four former executives at the Zurich branch of Russia's Gazprombank have been found guilty of lacking due diligence for allowing a close friend of Vladimir Putin to deposit large sums of money in Swiss banks. The Zurich court imposed hefty fines on the bankers, who are accused of failing to verify the source of funds deposited by Sergei Roldugin, a cellist known as 'Putin's wallet'.
Between 2014 and 2016, Roldugin reportedly deposited around $30 million (£24 million) into Swiss accounts without providing a credible explanation for the money's origin. Under Swiss law, banks must reject or close accounts if there are doubts about the account holder or the source of funds. The court ruled that the bankers should have had such doubts and failed to act.
Three of the convicted bankers are Russian, and one is Swiss. They were given fines totalling 741,000 Swiss francs (£655,600), suspended for two years. The men, who cannot be identified under Swiss reporting restrictions, have said they will appeal the decision.
The case stems from the Panama Papers leak in 2016, which revealed financial links between Putin and Roldugin. The judge noted that it was beyond doubt that Roldugin was not the true owner of the money. The verdict signals a shift in Switzerland's approach to handling potentially illicit funds, moving away from the old adage that 'money itself is always neutral'.
