BELLINZONA , June 27 —Credit Suisse was convicted by Switzerland's Federal Criminal Court of failing to prevent money-laundering in the country's first criminal trial of one of its major banks.
The judges looked at whether Credit Suisse and the former employee did enough to prevent an alleged Bulgarian cocaine trafficking gang from laundering profits through the bank from 2004 to 2008. "The company could have prevented the infringement if it had fulfilled its organisational obligations," the presiding judge said in handing down the verdict."Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards," the bank said.
The court handed the former employee, who cannot be named under Swiss privacy laws, a suspended 20-month prison sentence and a fine for money laundering.Corruption and money laundering experts had said the fact that Switzerland had taken legal action against a global banking player like Credit Suisse could send a powerful message in a country famous for its banking industry.
Swiss private banks have adopted tougher anti-money laundering checks after an international regulatory crackdown to prevent money laundering.
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