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C Suisse Fined for Failure to Stop Drug Gang's Money Laundering, Ex-staff Sentenced to Prison
Switzerland's Federal Criminal Court convicted Credit Suisse, the country's second-largest bank, of failing to prevent a Bulgarian cocaine trafficking gang from money laund...
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C Suisse Fined for Failure to Stop Drug Gang's Money Laundering, Ex-staff Sentenced to Prison
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Switzerland's Federal Criminal Court convicted Credit Suisse, the country's second-largest bank, of failing to prevent a Bulgarian cocaine trafficking gang from money laundering. The court found that deficiencies regarding the lenders' management of client relations with the criminal organization, as well as anti-money laundering monitoring had enabled the withdrawal of the syndicate's assets.

Credit Suisse was fined CHF2 million. Separately, over CHF12 million of the gang's assets held in Credit Suisse accounts were confiscated.

The court found a former Credit Suisse employee guilty of money laundering. She has been sentenced to 20 months in prison along with a fine.
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