Credit Suisse Fined $2.1 Million for Money Laundering Linkedin to Bulgarian Cocaine Trafficking, Additional $20 Million to Swiss Government
1st July 2022 | Hong Kong
Credit Suisse had been fined $2.1 million by a federal criminal court (Switzerland) for money laundering linked to a Bulgarian cocaine trafficking crime ring, with a further payment of around $20 million to be paid to the Swiss government and a former Credit Suisse employee sentenced to 20 months imprisonment. The case happened more than 14 years ago and Credit Suisse will appeal the court decision. Credit Suisse Statement: “Credit Suisse Group has taken note of the Swiss Federal Criminal Court’s decision to impose a fine of CHF 2 million against Credit Suisse AG for certain historical organizational inadequacies (article 102 of the Swiss Criminal Code) for the period between July 2007 and December 2008. The investigation dates back more than 14 years. The bank will appeal the decision. Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards. Generating compliant business growth in line with legal and regulatory requirements is key for Credit Suisse.”
“ Credit Suisse Fined $2.1 Million for Money Laundering Linkedin to Bulgarian Cocaine Trafficking, Additional $20 Million to Swiss Government “
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,030 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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