A Swiss criminal court has found Credit Suisse guilty of failing to protect the global investment bank against money laundering.
On Monday, the Criminal Division of the Federal Criminal Court sentenced a former employee at the bank for colluding with a Bulgarian organisation involved in drug trafficking and money laundering.
The court said it had found “deficiencies” within the bank during the period of illegal activity, which took place between July 2007 and 2008, including failures in managing customer relationships with the criminal organisation and monitoring the implementation of anti-money laundering rules.
It says that these failures enabled criminals to withdraw the bank's assets
The court fined Credit Suisse roughly £1.7 million (CHF 2 million) for breaking the a criminal code.
It also forced the bank to pay more than £16 million (CHF 19 million) in compensation, which amounted to the assets which it could not be confiscated due to the “internal deficiencies” at Credit Suisse that facilitated money laundering.
Over £10 million (CHF 12 million) held in the criminal organisations’ accounts at Credit Suisse was also confiscated.
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