In a case involving Bulgarian drug dealers, Credit Suisse has been faced with AML violations and charges. Following its $475 million fine in the Mozambique (20221) case and its very recent $9 million for violating multiple laws and rules protecting investors (2022), now the Zurich-headquartered global investment bank is facing AML charges in a Swiss Court.
According to Swiss prosecutors, one of the country’s leading banks, is now accused of failing to prevent suspected drug traffickers from laundering cash between 2004 and 2008.
"Credit Suisse unreservedly rejects as unfounded all allegations made against it in this legacy matter and is satisfied that its former employee is innocent," the bank said in a statement sent to Reuters.
This prosecution constitutes the first criminal prosecution against a prominent bank in Switzerland. Prosecutors are seeking restitution of 42.4 million Swiss francs from Credit Suisse.
Two other people, including former Bulgarian wrestler Evelin Banev, are also implicated in this case. A former Julius Baer relationship manager is accused of assisting money laundering in a second indictment in the case.
Ex-Credit Suisse employee, who cannot be identified under Swiss privacy regulations, has a legal representation who says the investigation is unfounded and his client denies any misconduct.
BY fLEXI tEAM