GENEVA (AP) — Switzerland's market regulator says it has banned the national affiliate of Russia's Gazprombank from taking new private clients over money laundering concerns over a 10-year period that emerged from the Panama Papers leak.

The move marks the first time that Swiss markets authority FINMA has specifically identified any company for wrongdoing following the leak that exposed international tax avoidance worldwide, including by members of Russian President Vladimir Putin's inner circle.

FINMA said Thursday it turned up "serious shortcomings in anti-money laundering processes" with regard to private clients at Gazprombank Switzerland.

It said the bank failed to carry out "adequate economic background clarifications into business relationships and transactions with increased money laundering risks."

FINMA said it investigated 30 banks after the Panama Papers revelations. Gazprombank was the only one it sanctioned.