Swiss private bank Lombard Odier was fined $3.7 million for failing to prevent a money laundering operation linked to Uzbekistan flowing through its accounts. The case centers on Gulnara Karimova, daughter of Uzbekistan’s late president Islam Karimov. During the investigations, the bank froze over $800 million in assets connected to this case. Lombard Odier, one of Switzerland’s last remaining private banking partnerships, was convicted of aggravated money laundering. For the broader financial compliance world, the case reinforces that know-your-customer and anti-money-laundering protocols apply even when the client is connected to a sitting head of state.
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