Brazil Corruption Probe Targets FX Desk Of Banco Paulista

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Brazilian police on Wednesday arrested three executives at a small Sao Paulo bank in the latest phase of a sweeping investigation into corruption and money laundering.

Prosecutors running the latest phase of the so-called “Car Wash” probe allege that Banco Paulista SA was part of a scheme orchestrated by construction conglomerate Odebrecht SA to launder up to 328 million reais ($83 million) from 2009 to 2015.

The three executives are still employees of Banco Paulista, including the general manager and two foreign exchange employees. Known best for its brokerage Socopa, Banco Paulista touts one of Brazil’s top 25 currency desks by trading volume.

“The foreign exchange desk at Banco Paulista was surprised today by the federal police operation at its headquarters,” the bank said in a statement. “The institution is collaborating with authorities and returning to its regular operations.”

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