FINMA investigates Reyl Intesa Sanpaolo for anti-money laundering failures tied to defunct Andorran bank BPA

**Title:** Swiss Regulator Probes Reyl Over BPA-Linked AML Lapses **Summary:** FINMA investigates Reyl Intesa Sanpaolo for anti-money laundering weaknesses involving defunct Andorran bank BPA and Azerbaijani elite funds worth.

**Body:** Switzerland’s financial regulator FINMA has cited Banca Privada d’Andorra (BPA) in an investigation into Reyl Intesa Sanpaolo over shortcomings in its anti-money laundering systems, based on leaked documents published by FiltraLeaks.

The correspondence, obtained by the Organized Crime and Corruption Reporting Project (OCCRP) and Le Monde, lists BPA as the nominated subscriber for investment funds under Reyl’s custody. Underlying investors included Azerbaijani nationals, some linked to the country’s ruling family. Reyl confirmed serving as custodian for two such funds, totaling more than 400 million Swiss francs, with BPA acting as intermediary for these high-risk clients—a setup the bank itself flagged as elevated risk.

During an on-site inspection in summer 2023, FINMA sought detailed records on these connections as part of wider checks into Reyl’s management of politically exposed persons from Russia, Central Asia, and Azerbaijan.

Inspectors found major gaps, including thousands of suspicious transaction alerts ignored for months and over 1,400 client accounts without updated “know your customer” checks. These failings led FINMA to escalate the case to its Enforcement Division in January 2024, although it has stated no sanctions proceedings are underway against Reyl.

BPA has been in liquidation since 2015, following a US FinCEN advisory that labelled it a primary money laundering concern, triggering judicial and administrative action. The matter underscores persistent scrutiny of Swiss banks handling substantial, high-profile assets under robust secrecy protections.