Safra Sarasin Fined CHF 3.5 Million Over Petrobras-Linked Money Laundering

Swiss private bank J. Safra Sarasin SA has been fined 3.5 million Swiss francs ($4.3 million) by the Office of the Attorney General of Switzerland following a long-running investigation connected to Brazil’s Petrobras corruption scandal, widely known as Operation Car Wash.

As part of the settlement, the bank also agreed to pay 16 million francs to Brazil’s state-controlled oil company Petrobras. That payment concludes Petrobras’ financial claims against the bank, which the Attorney General’s office confirmed would not involve any further compensation.

Prosecutors said Safra Sarasin failed to properly monitor and report suspicious transactions worth $71 million, which were allegedly used to bribe senior Petrobras executives and secure contracts for companies in Brazil’s oil and construction sectors.

In a related decision, a former employee received a suspended six-month prison sentence for laundering about $29.2 million through another Swiss bank between 2011 and 2014.

The Attorney General’s office stressed that the enforcement action does not amount to an admission of guilt by the bank or its representatives. Both the bank and prosecutors have agreed not to appeal the ruling, making the penalty final.