Swiss bank makes history as first to be criminally convicted
Credit Suisse was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficker, in the first-ever criminal conviction of a major Swiss lender in the country’s history.
The decision is another blow to the tarnished reputation of Credit Suisse, which has argued that the crimes date to an era when compliance standards were less stringent. It has been struggling with a series of scandals that have sent its shares to near-record lows, and may face a second criminal indictment in an unrelated case later in 2022.
Credit Suisse said in a pretrial statement that it “unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent”.
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