Swiss private bank J. Safra Sarasin has been fined CHF 3.5 million ($4.3 million) for aggravated money laundering linked to the Petrobras corruption scandal. A former asset manager of the bank received a six-month suspended prison sentence in the same case. In addition, the bank agreed to pay CHF 16 million in compensation to Petrobras.
The case stems from the “Lava Jato” corruption investigation, which exposed massive bribery and money laundering involving Petrobras executives and international companies. Between 2011 and 2014, accounts at Safra Sarasin were allegedly used to channel corrupt payments from oil and construction firms to Petrobras officials in exchange for favorable contracts.
Swiss prosecutors revealed that over USD 42.5 million and USD 28.5 million in suspicious transfers were processed through the bank during this period. While the institution has not admitted guilt, the penalties underscore growing scrutiny on Swiss banks’ role in international corruption cases.
Other financial institutions have also faced consequences. In June, Pictet Bank was fined CHF 2 million for organizational failures, while PKB Privatbank was fined CHF 750,000 in connection with the same affair. The Lava Jato probe, first exposed in Brazil in 2014, continues to reverberate globally as investigators uncover illicit networks tied to Petrobras.