The Geneva-based private bank is fined 1 million francs for hosting 1.7 billion francs that an American billionaire did not declare in the 2010s. Yves Mirabaud, the bank's senior partner at the time, was fined 250,000 francs

The procedure was opened in July 2020, following a communication from the money laundering communications office, said the Public Prosecutor's Office. It concerned assets held by a trust in the banking establishment and belonging to an American billionaire sued by his country in particular for tax evasion. This entrepreneur passed away in 2022.

In addition to Mirabaud & Cie, one of its former managers, an ex-manager of disputed accounts and the former head of the compliance department were fined for violating the obligation to communicate. They amount to 250,000 francs for the first two and 25,000 francs for the third. In addition, confiscations for 42.7 million francs in favor of the State of Geneva were added