Credit Suisse faces USD 45.5 mln money laundering trial

Tuesday 1 February 2022 11:34 CET | News

Swiss Federal Criminal Court (FCC) has announced Swiss prosecutors are pursuing USD 45.5 million in compensation from Credit Suisse in a money laundering trial due to begin in February.

The Office of the Attorney General (OAG) indicted the bank in December 2020 after an investigation into the activities of a Bulgarian crime ring involving top-level wrestlers accused of laundering profits from cocaine trafficking.

According to the Reuters, the OAG is seeking compensation of around USD 37.7 million as well as additional compensation of around USD 8.2 million from Credit Suisse.

A summary on the FCC's website shows Credit Suisse is accused of failing to take all necessary measures to prevent an employee from laundering money.

The employee, a former Credit Suisse manager who was also indicted, is charged with having processed transactions worth several million dollars between 2004 and 2008 despite indications the money could be of criminal origin.

In 2021, Credit Suisse has been fined nearly USD 472 million by global regulators.

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Keywords: money laundering, banks, central bank, regulation, transactions
Categories: Banking & Fintech
Countries: Switzerland
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