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The «guiding spirit» appears to have been Charles Henry De Beaumont, a private banker who set up sham entities for the two to receive PDVSA money. From there, the money flowed via Bank Espirito Santo, PDVSA's house bank, to CBH in Geneva.

When the Portuguese bank collapsed in 2014, CBH took over the Swiss arm, Banque Privée Espirito Santo. CBH also wanted to buy a Miami subsidiary, Brickell Bank, but the deal fizzled – likely under the pressure of the U.S. investigation. Brickell eventually went to Banesco USA, an American bank focused on South Florida and Puerto Rico

Swiss Data Handover 

Last year, a former Venezuelan prosecutor went so far as to call CBH the «go-to bank» for the country's establishment. The bank denies laundering illicit money or conducting unlawful transactions. None of CBH's current or former executives are the subject of a criminal probe.

The CBH clients involved in the probe attempted to block the transfer of their data to U.S. officials. However, Switzerland's highest court last year allowed the handover.

Swath of Swiss Banks Tainted

The Obertos brothers also maintained accounts at EFG International, allegedly to rinse PDVSA money. U.S. officials documented four transactions of more than $1 billion in March and April of 2012 into an account at EFG tied to the two. When EFG grew uneasy with the risk attached to the Obertos, CBH was ready to take them on. 

Venezuelan corruption has occupied officials in neighboring Liechtenstein as well: last month, the colorful tale of how Chavez's former nurse stowed more than $300 million in offshore accounts in Switzerland and Liechtenstein (the strongman died in 2013).

Quietly Closing Accounts

Liechtensteinische Landesbank, or LLB, was named – but the former Chavez associate also hid gold worth more than $10 million in a vault in the principality. Beaumont, who appears to have left CBH in 2012, popped up as her banker. Though Switzerland hasn't opened any criminal proceedings regarding PDVSA, Swiss banks have quietly closed out their business with Venezuela.

Julius Baer exited the country when ex-Goldman Sachs banker Beatriz Sanchez took over the region, and UBS has also moved to limit its exposure. Credit Suisse was sanctioned by Finma two years ago – and CBH recently elected a well-known regulatory expert, lawyer Sabine Kilgus, to its board.

 Katharina Bart contributed reporting