Switzerland’s pristine image as a global financial powerhouse is again under serious scrutiny following revelations that one of its elite private banks, Reyl Intesa Sanpaolo, has systematically failed in its anti-money laundering (AML) obligations. Leaked internal correspondence between the bank and the Swiss Financial Market Supervisory Authority (FINMA), obtained by the Organized Crime and Corruption Reporting Project (OCCRP) and Le Monde, paints a disturbing picture of complicity, regulatory indifference, and a deeply entrenched culture of secrecy.

At the heart of the storm is Reyl, a Geneva-based boutique bank that has long marketed itself as a discreet and customer-focused institution for wealthy international clients. It boasts the kind of exclusivity and tailored services that attract politically exposed persons (PEPs), high-net-worth individuals, and foreign dignitaries. But according to FINMA’s findings, this sophistication masked a deep-seated failure to conduct proper due diligence and a troubling tolerance for high-risk clients linked to corruption and authoritarian regimes.

The documents reveal that Reyl has, for years, served clients with serious red flags-including former Russian officials, Central Asian elites, and individuals under active investigation. FINMA’s inspection during the summer of 2023 uncovered what it diplomatically referred to as a “very high level of AML risk appetite.” Internally, however, this was seen as bordering on negligence. By January 2024, FINMA escalated the matter to its enforcement division-signaling its concern that Reyl’s practices went beyond mere oversight and into systemic noncompliance.

One of the most damning findings from FINMA’s letters was the sheer scale of procedural neglect. Over 1,400 customer accounts had not undergone mandatory “know your customer” (KYC) reviews for more than five years, a violation that undermines the very foundations of AML protocols. Additionally, thousands of internal alerts-automatically triggered by suspicious financial activity-were left unattended for........

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