Following the first-instance judgement delivered on 27 July 2026, the Bank’s position is as follows:
“Today, the Swiss Federal Criminal Court rendered its first-instance judgement, imposing a limited fine of CHF 3 million on the Bank and no compensatory claim. This outcome stands in contrast to the claims sought by the Swiss Office of the Attorney General. The Bank nevertheless disagrees with the judgement and will file an appeal. It maintains that it had robust internal controls and anti-money laundering procedures in place at the time, which were compliant with the organisational requirements under Swiss criminal law.
It should be noted that the OAG has never alleged that Lombard Odier knowingly or willfully participated in money laundering. The claims raised against the Bank pertain to alleged organisational shortcomings in relation to the effective prevention of money laundering.
This first-instance judgement by the Federal Criminal Court and the Bank’s appeal represent the next step in proceedings. As a reminder, the events under review date back more than fifteen years. The underlying case began after Lombard Odier proactively reported suspicions to the Swiss authorities (MROS) in 2012.
We remain fully committed to compliance with all relevant laws and regulations, and to serving our clients with the highest standards of professionalism, integrity and long-term dedication.”
In December 2016, an investigation was opened in Switzerland against Banque Lombard Odier & Cie (the "Bank") for alleged money laundering in relation to what has become known as the "Uzbek case". The events under review date back more than fifteen years and have already been extensively reported in the media. The underlying case began after Lombard Odier proactively reported suspicions to the Swiss authorities (MROS) in 2012. The proceedings have been ongoing since then and the Bank has fully cooperated with the relevant authorities throughout.
Importantly: the Swiss prosecutor is not claiming that Lombard Odier knowingly or willingly participated in any money laundering activity. The claims raised against the Bank pertain to alleged organisational shortcomings in relation to the effective prevention of money laundering. The Bank firmly refutes these allegations.
The formal court hearings took place earlier this year at the Swiss Federal Criminal Court in Bellinzona and concluded on 20 May 2026.
During the proceedings, several developments illustrated the underlying challenges of this case: on day two of the trial, the Court dismissed proceedings against the principal defendants, citing fundamental procedural obstacles after nearly fifteen years of investigation. On 4 May, the Court further ruled on several preliminary procedural questions, declaring all judgements of Uzbek courts and most evidentiary hearings conducted in Uzbekistan since the beginning of the proceedings inadmissible as evidence.
The proceedings have no impact on the Bank's operations. We remain fully committed to compliance with all relevant laws and regulations, and to serving our clients with the highest standards of professionalism, integrity and long-term dedication.
This is a marketing communication issued by Bank Lombard Odier & Co Ltd (hereinafter “Lombard Odier”).
It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication.
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