Credit Suisse this week became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
The court Monday ruled Credit Suisse had deficiencies in client vetting and anti-money laundering (AML) controls. It fined the bank 2 million Swiss francs (U.S. $2.1 million) and ordered it to repay CHF 19 million (U.S. $19.7 million)—the same amount the bank is thought to have profited from the scheme—in compensation to the Swiss government.
