BERN, Switzerland—Following a 12-year investigation, the Swiss prosecutor has indicted the country’s second-largest bank, Credit Suisse, for failing to take sufficient measures to prevent money laundering by a Bulgarian criminal gang.
In addition to Credit Suisse, indictments have been filed with the Federal Criminal Court against a former bank manager and two members of a criminal organization, the Swiss Office of the Attorney General announced.
In a statement, the Swiss prosecutor said the bank is accused of “failing to take all the organizational measures that were reasonable and required to prevent the laundering of assets belonging to and under the control of the criminal organization.”
The criminal group, which was established by a top athlete from Bulgaria, was involved in international drug trafficking and large-scale money laundering of proceeds. These proceeds were allegedly paid into bank accounts in Switzerland controlled by the criminal organization from 2004 until 2007, SwissInfo reported.
The investigation, which was opened in 2008, found that procedures for opening and monitoring accounts by the bank’s employees and superiors didn’t comply with the anti-money-laundering provisions in force or the bank’s internal directives. The compliance process was “flawed” according to the prosecutor’s office.