Credit Suisse Defends Leak on Ties with Criminals, Cases Date Back to 1940s
26th February 2022 | Hong Kong
Credit Suisse has released a statement in defence, after facing intense scrutiny from various global media and the Credit Suisse Leak of over 30,000+ of private banking relationships holding more than $100 billion of assets, with leaked names of suspected accounts linked to criminal activities including drug trafficking, money laundering, corruption and other serious crimes. The banking data was leaked by an anonymous whistleblower to the German newspaper Süddeutsche Zeitung with a statement: “The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.” Credit Suisse Statement:” Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices. The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.” View full statement below.
“ Credit Suisse Defends Leak on Ties with Criminals, Cases Date Back to 1940s “
Credit Suisse Group Statement
In response to a consortium of media outlets publishing a series of articles, Credit Suisse Group issued the following statement:
“Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices. The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct. While as a matter of law Credit Suisse cannot comment on potential client relationships, we can confirm that actions have been taken in line with applicable policies and regulatory requirements at the relevant times, and that related issues have already been addressed.
Following numerous inquiries by the consortium over the last three weeks, Credit Suisse has reviewed a large volume of accounts potentially associated with the matters raised. Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015. Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework. We will continue to analyze the matters and take additional steps if necessary.
Credit Suisse notes that the consortium is referring to a large number of external sources including those previously known as well as an alleged leak in their reporting. We take this latter allegation very seriously and will continue with our investigations with an internal task force including specialist external experts. We have robust data protection and data leakage prevention controls in place to protect our clients.
As a leading global financial institution, Credit Suisse is deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld. These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market¬place as a whole, which has undergone significant changes over the last several years. In line with financial market reforms across the sector and in Switzerland, Credit Suisse has taken a series of significant additional measures over the last decade, including considerable further investments in combating financial crime. Across the bank, Credit Suisse continues to strengthen its compliance and control framework, and as we have made clear, our strategy puts risk management at the very core of our business.”
Credit Suisse:
- Credit Suisse Defends Leak on Ties with Criminals, Cases Date Back to 1940s
- Former Credit Suisse Chairman Antonio Horta-Osorio Fined $2,175 for COVID-19 Breach in Switzerland
- Credit Suisse Appoints New Chairman Axel Lehmann, António Horta-Osório Resigns
- Credit Suisse Chairman Breaches COVID-19 Rules Twice, Flying to London for Wimbledon Tennis Finals in July
- Credit Suisse Fires 2 Investment Managers Involved in $10 Billion Greensill Funds
- Credit Suisse Appoints Francesco De Ferrari as CEO of Wealth Management & Private Bank, Announces New Leadership
- Credit Suisse Appoints Toshihiro Yamamura as Head of Private Banking Japan, $5 Trillion & 2nd Largest Market in APAC
- Credit Suisse Hires Bikram Sen as Team Leader for Non-Resident India Market
- European Commission Fines UBS, Barclays, RBS, HSBC & Credit Suisse $389 Million for FX Spot Trading Cartel
- Credit Suisse Investment Outlook 2022: Economic Growth to Stay Above Trend
- Credit Suisse Private Bank Francois Monnet to Retire, Benjamin Cavalli Appointed Head of Wealth Management APAC
- Credit Suisse Private Bank Appoints Benjamin Cavalli as Head of Wealth Management APAC
- Credit Suisse Private Bank Appoints Jinyee Young as Deputy Head of Wealth Management Asia-Pacific
- Credit Suisse Appoints Chien Chien Wong as CEO Singapore, First Female CEO in Singapore
- Credit Suisse Appoints Sacha Eugster as Private Banking Market Leader for Philippines
- Credit Suisse Merges Global Wealth Management & Private Banking
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit