Swiss bank laundered money for Russians

In the summer of 2024, the Dubai Financial Services Authority (DFSA) fined private banker Peter Georgiou, who works at the Arab branch of Swiss bank Mirabaud Middle East Limited (MMEL), nearly $1 million. He was accused of deception and misleading, as well as complicity in violations committed by his employer.

The fine was imposed in connection with the servicing of funds received from Russia. According to the regulator's investigation, between June 2018 and October 2021, Georgiou circumvented anti-money laundering systems while working with a group of more than 10 companies owned by the founder of an unnamed Russian financial conglomerate, a Cypriot politician and former international footballer residing in Cyprus.

These companies carried out numerous transactions between themselves totalling approximately $124 million. Georgiou reportedly met with the Russian footballer in various countries — in Cyprus, Moscow and Dubai — discussing the management of these companies' accounts with the businessman's staff. The regulator concluded that the footballer was merely a nominal owner, while the actual beneficial owner was another person.

The investigation revealed that between 2018 and 2021, Georgiou conducted prohibited transactions worth $40 million using forged documents, which indicated signs of money laundering schemes. Mirabaud bank earned over $1.5 million in commissions from these transactions.