Credit Suisse Convicted in Cocaine, Cash Laundering Trial
- 2 years ago
Credit Suisse Convicted in , Cocaine, Cash Laundering Trial.
'New York Post' reports that the investment banking company has been convicted by Switzerland's Federal Criminal Court for failing to stop money laundering.
A former employee was also found
guilty of money laundering.
On June 27, the court said it found shortcomings within Credit Suisse when it came to stopping a Bulgarian cocaine trafficking gang from using the bank to launder money between 2004 and 2008.
These deficiencies enabled the withdrawal of the criminal organization’s assets, which was the basis for the conviction of the bank’s former employee for qualified money laundering, Switzerland's Federal Criminal Court, via 'New York Post'.
The company could have prevented the infringement if it had fulfilled its organizational obligations, Switzerland's Federal Criminal Court, via 'New York Post'.
Credit Suisse and the former employee, who's been fined and given a suspended 20-month prison sentence, both deny any wrongdoing.
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, via statement.
Credit Suisse intends to appeal the conviction. .
The financial institution faces a fine of
$2.1 million in addition to the confiscation of assets that the drug gang held at the bank
'New York Post' reports that the investment banking company has been convicted by Switzerland's Federal Criminal Court for failing to stop money laundering.
A former employee was also found
guilty of money laundering.
On June 27, the court said it found shortcomings within Credit Suisse when it came to stopping a Bulgarian cocaine trafficking gang from using the bank to launder money between 2004 and 2008.
These deficiencies enabled the withdrawal of the criminal organization’s assets, which was the basis for the conviction of the bank’s former employee for qualified money laundering, Switzerland's Federal Criminal Court, via 'New York Post'.
The company could have prevented the infringement if it had fulfilled its organizational obligations, Switzerland's Federal Criminal Court, via 'New York Post'.
Credit Suisse and the former employee, who's been fined and given a suspended 20-month prison sentence, both deny any wrongdoing.
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, via statement.
Credit Suisse intends to appeal the conviction. .
The financial institution faces a fine of
$2.1 million in addition to the confiscation of assets that the drug gang held at the bank