Guilty: Credit Suisse hit with money laundering conviction

by | Jun 27, 2022 | World

The verdict is the first ever criminal conviction of a major Swiss lender in the country’s history.Cocaine. Stashes of cash. A down-on-his-luck Bulgarian wrestler. For days during the February trial, the lurid details captivated Swiss finance as Credit Suisse Group AG faced charges that it had failed to prevent a drug trafficker from laundering millions.
On Monday, the verdict was in: guilty — a historic judgment for the bank in the first ever criminal conviction of a major Swiss lender in the country’s history. The ruling, in which a former relationship manager at the bank was also convicted on money laundering charges, was handed down by Switzerland’s top criminal court on Monday afternoon.
The woman was given a 20-month suspended prison sentence while Credit Suisse faces a fine of 2 million Swiss francs ($2.1 million) and was also hit with a claim of 19 million francs, equivalent to the amount the bank allowed to be laundered.
The judgment is another blow to the tarnished reputation of Credit Suisse, which had argued the crimes date to an era when compliance standards were less stringent. It has been struggling with a series of scandals that have sent its shares to near-record lows, and may face a second criminal indictment in an unrelated case later this year.
The bank said in a statement it will appeal the decision, noting that the pretrial investigation dates b …

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