OCCRP has previously reported that Kazakhstan’s former president Nursultan Nazarbayev established private foundations controlling assets worth approximately $8 billion
Swiss bank Reyl, part of Intesa Sanpaolo Group, is under investigation by Switzerland’s financial regulator FINMA for allegedly failing to prevent money laundering and mishandling accounts belonging to high-risk clients, including relatives of prominent former Central Asian leaders. The investigation stems from confidential correspondence reviewed by the Organized Crime and Corruption Reporting Project (OCCRP) and Le Monde.
High-Risk Clients from Central Asia
Among the individuals named are the daughters of the former presidents of Uzbekistan and Kazakhstan. OCCRP also identified the bank’s connections with the son-in-law of a powerful Central Asian leader.
One such client is Lola KARIMOVA, daughter of the late Uzbek president Islam Karimov, and her husband, Timur TILLYAEV. The couple, known for their lavish lifestyle, relocated to Geneva by 2013. In 2012, Swiss regulators warned another financial institution, Fidurhône, that the couple posed a high compliance risk. By 2014, Fidurhône was instructed to sever ties with them after account balances surged to 190 million Swiss francs. The bank faced the threat of losing its license for non-compliance, and one partner was fined for failing to report suspicious transactions.
In 2020, Tillyaev’s company became a client of Reyl, which was followed by the opening of his personal account. By late 2023, one of these accounts held 83 million francs (approximately $97 million). In January 2024, FINMA requested full disclosure of all Reyl accounts linked to Uzbekistan, including Tillyaev’s. The bank stated it was re-evaluating its relationship with him due to reputational concerns amid renewed media focus on his sister-in-law, Gulnara Karimova.
The eldest daughter of Islam Karimov, Gulnara Karimova was once a prominent public figure in Uzbekistan, known for her ventures in business, fashion, and music under the name Googoosha. She also served in diplomatic roles. Her fall from grace began in 2014 with her house arrest, followed by a series of legal proceedings after her father’s death in 2016. In 2017, she was sentenced to nine years for corruption, which was later increased to over 13 years.
Kazakhstan Connection
Kazakhstan’s former president Nursultan NAZARBAYEV, who ruled for nearly three decades, oversaw the emergence of a wealthy inner circle. OCCRP has previously reported that he established private foundations controlling assets worth approximately $8 billion.
His daughter, Dinara KULIBAYEVA, moved to Switzerland in 2007 and entrusted Reyl with managing part of her wealth. For years, bank CEO François Reyl personally oversaw her accounts. However, in 2023, FINMA launched an inquiry into the origin of the large deposits in her accounts. In May 2024, the bank was ordered to provide comprehensive documentation on her financial holdings and those of her Luxembourg-based company, which had secured a €25 million loan from Reyl to purchase real estate in France.
The investigation was prompted by a suspicious activity report filed by Reyl and the opening of a criminal case in Switzerland. A lawyer representing Kulibayeva stated she had fully cooperated with authorities and that her wealth derives from shares in Halyk Bank, one of Kazakhstan’s largest financial institutions. The bank confirmed that her accounts were funded through dividend payments. Although her accounts were frozen in 2023, Swiss authorities permitted the release of 650,000 francs in May for personal expenses.
Dinara Kulibayeva and her husband, Timur Kulibayev, were ranked 673rd on Forbes‘ 2025 billionaire list, with an estimated net worth of $5.3 billion. They are the majority shareholders in Halyk Bank and hold substantial assets in Kazakhstan’s oil and gas sector.
By the The Times of Central Asia.
Image: Lola Karimova Tillyaeva. TCA, Stephen M. Bland.
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