7 Feb 2022
Credit Suisse faces Money Laundering Case in Swiss Court; $45.9 Million Fine
The Index Today
Credit Suisse (SIX:CSGN) will face charges in a Swiss court on Monday of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros, some of it stuffed into suitcases.
Swiss prosecutors say the country's second-biggest bank and one of its former relationship managers did not take all necessary steps to prevent the alleged drug traffickers from hiding and laundering cash between 2004 and 2008.
"Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent," the bank said in a statement to Reuters.
In the first criminal trial of a major bank in Switzerland, prosecutors are seeking around 42.4 million Swiss francs in compensation from Credit Suisse, which added that it would "defend itself vigorously in court".