Four bank executives who helped a close friend of Russian President Vladimir Putin funnel millions of francs through Swiss bank accounts have been charged with failing to exercise due diligence in verifying financial transactions.
All four were found guilty on Thursday of helping Sergei Roldukhin, dubbed “Putin’s wallet” by the Swiss government.
Gazprombank executives – three Russians and one Swiss – between 2014 and 2016 helped Roldukhin, godfather to Putin’s eldest daughter, deposit millions of francs into Swiss bank accounts. Two bank accounts in Zurich.
The men, who cannot be identified under restrictions under Swiss law, were found guilty and fined a total of 741,000 Swiss francs (about 744,000 euros at current exchange rates) at a trial in a Zurich district court.
In Switzerland, banks are obliged to reject or terminate business relations if there is any doubt about the identity of the contracting party.
A spokesman for Gazprombank, which employs four executives, described the decision as a “black day” and said all bank employees would appeal the decision.
Judge Sebastian Epley said the true owner of the funds could not be identified and that the bankers had failed in their duty. “It has been proven beyond a shadow of a doubt that Roldukin cannot be a beneficial owner,” Appli said.
Gazprombank questioned Roldukhin about the origin of the money in the spring of 2016, but did not receive an answer, the judge said. Closed the bank accounts in September 2016.
He claimed to be the owner of Roldukin in February 2022, but he has yet to provide the documents requested in 2016.
Warning signs
According to the judge, further investigations should have been conducted due to the amount involved. Bankers should have asked whether the information provided about the origin of assets was reliable, noted the political situation in Russia, the use of intermediaries and other circumstances. Coastal.
“It has to be borne in mind that millions of funds are flowing into the accounts,” Judge Appli said. “This is at a time when the United States has already announced measures against Russia,” he added.
Lawyer John Hoffman welcomed the court’s decision. “This is an important indication that the procedures of the anti-money laundering law must be respected,” he said on Thursday. At an earlier hearing, Hoffmann said that about 30 million Swiss francs (30 million euros) were involved in the case. Suspicious sums, the musician has no known activity as a businessman.
Roldukhin was among the members of Putin’s inner circle sanctioned by the West, including Switzerland, after Russia invaded Ukraine in 2022.
Putin has described Roldukhin in the past as a friend, a great musician and a benefactor who reportedly made some money from a minority stake in a Russian company.
The Kremlin has rejected any suggestion that Roldukin’s money is linked to the Russian leader and has insisted that Putin’s finances are subject to public scrutiny.
The defense argued that there was no doubt that Roldukin was the true owner of the accounts and that it was “plausible” that Roldukin was wealthy because he was a friend of Putin.
“Sergey Roldukhin is not just any cellist and conductor, but a favorite of the Kremlin, who has apparently had access to special financial opportunities that allowed him to accumulate considerable wealth,” the defense said.
“Hardcore explorer. Extreme communicator. Professional writer. General music practitioner. Prone to fits of apathy.”