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Credit Suisse Convicted of AML Failings in Cocaine Baron Case

By Gabriel Vedrenne

Switzerland's top court on Monday ordered Credit Suisse to pay a record CHF21 million ($22 million) penalty for anti-money laundering violations related to its handling of millions of francs worth of drug profits. Following a four-month trial, the Federal Criminal Court in Bellinzona convicted the Zurich-headquartered lender of compliance failings that allowed a Bulgarian gang of cocaine traffickers to launder CHF19 million from July 2007 to December 2008. The case against the lender, Switzerland's second largest by assets, centered on its relationship with a gang led by Evelin Banev, a former Bulgarian wrestler sentenced to prison in absentia for drug...

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