The bank hasn't been charged for any wrongdoing, the report said.

Julius Baer has reportedly used a US law firm to find the accounts of convicted banker Matthias Krull, who pleaded guilty in August to helping launder $1.2 billion from Venezuela’s state-owned oil producer. The report appeared in Bloomberg, which cited unnamed sources. The Zurich-listed bank declined to comment to this publication about the matter yesterday. 

The review is being led by Quinn Emmanuel Urquhart & Sullivan LLP.

One of the unnamed people said that Krull had privately conveyed to the bank that he did not use Julius Baer accounts to launder Petroleos de Venezuela money. Even so, the private bank has asked the law firm to review more than 500 accounts worth more than $500 million that Krull managed to determine whether he acted alone or whether he had help from other employees.

Oscar Rodriguez, Krull’s lawyer in Miami, declined to comment, the newswire said.

Krull is German, and was working in Panama when he committed the crimes. He was charged in July and pleaded guilty the next month to a conspiracy that prosecutors say involved money managers and brokerages, as well as banks and real-estate firms. He is cooperating with investigators, who are also looking into the financial affairs of President Nicolas Maduro, his three stepsons, and Raul Gorrin, owner of the Globovision television network in Venezuela, the report said.

The report added that federal prosecutors in New York have voiced no concerns to the bank about its role in Krull’s crimes and that the bank has not been charged for any wrongdoing.