BERN, Switzerland— Switzerland's Federal Criminal Court has found Credit Suisse and one of its former employees guilty by of failing to prevent money laundering.
The trial - which included testimony on murders and cash stuffed into suitcases - is seen as a test case for prosecutors taking a potentially tougher line against the country's banks, BusinessToday reported.
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.
Both Credit Suisse and the former employee had denied wrongdoing.
The court said it found deficiencies within Credit Suisse both with regard to the management of client relations with the criminal organization and with regard to the monitoring of the implementation of anti-money laundering rules, BusinessToday said.
Basis for Conviction
"These deficiencies enabled the withdrawal of the criminal organization's assets, which was the basis for the conviction of the bank's former employee for qualified money laundering," the court said.
Credit Suisse faces a fine of 2 million Swiss francs ($2.1 million).
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