Lombard Odier — one of Switzerland’s oldest private banks — was indicted by Swiss prosecutors for “aggravated money laundering.”

In a release on Friday, the Office of the Attorney General of Switzerland (OAG) said it filed an indictment against Lombard Odier and a former employee of the bank at Switzerland’s Federal Criminal Court on Tuesday.

The accused allegedly helped conceal the proceeds of a criminal organization set up by Gulnara Karimova — the daughter of Islam Karimov, the authoritarian president of Uzbekistan who died of a stroke in 2016 — according to the OAG. Karimova was indicted by the attorney general in 2023 under accusations of laundering money that was a result of criminal activities in Switzerland between 2005 and 2012.

“Investigations have led the OAG to believe that part of the money laundered in Switzerland may have been transferred in bank accounts at … Lombard Odier in Geneva. The bank and one of its former relationship managers are alleged to have played a decisive role in concealing the proceeds of the criminal activities of ‘The Office,'” the OAG said in its statement.

They have been under investigation since 2016, the prosecutors added.

Lombard Odier, whose origins date back as far as 1796, denies the allegations.

“We have taken note of the decision of the Office of the Attorney General of Switzerland to bring charges against the Bank for insufficient controls,” the bank said in a statement on Friday.

“This step follows the opening of a formal investigation against the bank initiated and made public in 2016. For the bank, the allegations are unfounded and without merit. The bank plans to defend itself vigorously.”

The bank added that the case was initiated by a “proactive reporting of suspicions to the Swiss authorities” by Lombard Odier itself.

CNBC has reached out to Gregoire Mangeat, who has represented Karimova throughout her legal battles with Swiss authorities. Karimova is currently serving a jail sentence in Uzbekistan.