ZURICH, Switzerland—Swiss federal prosecutors are seeking $45 million in penalties from Credit Suisse for its involvement in what they have described as “serious anti-money laundering breaches.”
The trial against the investment banking giant will start on Feb. 7, the Swiss Federal Criminal Court (FCC) confirmed.
The allegations against Credit Suisse first came to light in an indictment in December 2020 and were related to a 14-year-old investigation into the activities of a Bulgarian narcotic crime ring. Led by a top-level wrestler, the criminal organization deposited around 55 million francs at Credit Suisse.
In the latest 500-page document submitted to the Swiss federal criminal court, the prosecutors pointed out ‘serious organizational shortcomings’ on the part of the bank in combating money laundering. Additionally, the prosecutors charged one of its former employees for her involvement, Finance Magnates reported.
The Office of the Attorney General is seeking compensation of around 34.8 million Swiss francs as well as additional compensation of around 7.6 million francs from Credit Suisse AG from the bank for the lapses.
Give Us Less Than 1 Minute & We’ll Give You Good News!
The ongoing popularity of CUToday.info’s daily Fresh Today newsletter has led to a need to move to a new server in order to provide improved service to our readers. In order to continue to receive the daily email, you must register by March 7. To register, just click here. The daily Fresh Today news headlines email remains FREE! The new service is being launched as part of a partnership with ResponseGenius.