Credit Suisse was found guilty of failing to prevent money laundering by a Bulgarian cocaine dealer in the first criminal conviction in absolute of an important Swiss lender in the history of the country.
The sentence, in which a former bank relations manager was found guilty of money laundering, was issued Monday afternoon by the Swiss Higher Criminal Court. The court fined Credit Suisse two million Swiss francs ($ 2.1 million) for the conviction, according to “Bloomberg” and seen by “Al Arabiya.net”.
The ruling is another blow to Credit Suisse’s tarnished reputation, according to which the crimes went back an era in which the standard of compliance were less stringent.
It comes when the bank is grappling with a series of scandals that have pushed its shares to near lows, and may face a second criminal charge. in an unrelated case by the end of the year.
Credit Suisse criticized the case for its filing, with the bank expressing its “surprise at the end of 2020 when Swiss prosecutors publicly accused it of money laundering, given the alleged crimes that occurred between 2004 and 2008 “.
Credit Suisse stated in a preliminary statement that “unreservedly rejects all charges in this legacy case raised against it as unfounded and is satisfied that his former employee is innocent. “
But under Swiss law, local prosecutors can bring criminal charges against banks if they believe these institutions have not done enough to check customers and their funds for obvious links to illegal activities.
The former manager of Credit Suisse, a woman who can only be called E. in under Swiss reporting restrictions, it accepted deposits of used banknotes that regularly exceeded 500,000 euros ($ 528,650) each time, according to the 515-page indictment.
In his testimony, he stated that the deposits in cash was very common given the precarious state of Bulgarian banks in that moment.
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