A banker from UBS’ wealth management group was one of 19 people arrested by Brazilian police last night in connection with an anti-money laundering investigation that is also targeting the rival Swiss bank Credit Suisse and AIG, the US insurer.

UBS confirmed that a Swiss employee in its wealth management and business banking division had been detained.

It said that the bank was looking into the matter but declined to name the banker concerned or comment further.

The arrest was made during an investigation into an alleged scheme that allowed Brazilian companies to avoid taxes by laundering money through Swiss banks and the US insurance group, a detective from Brazil’s federal police said.

Clariden Leu, a private banking subsidiary of Credit Suisse, confirmed that one of its employees had also been detained. Credit Suisse decline to comment.

In a statement, a federal judge named UBS, Credit Suisse and AIG as the financial institutions under investigation.

AIG said that it was “not aware of any wrongdoing by any AIG employee”.

Brazilian police said that they arrested 19 people and recovered more than $4 million in cash during raids on 44 sites across the country yesterday.

None of the 19 — two Swiss nationals and 17 Brazilians — has been charged. Under Brazilian law they can be held for five days without charge.

Police said that they are seeking the arrest of another foreigner who is currently outside Brazil although they did not give further details.

Yesterday’s arrests came less than a month after Brazilian authorities arrested four employees from Cisco Systems over allegations that the US technology giant had participated in a tax dodging scheme.

All four were released without charge. Cisco denied any wrongdoing.

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