AML Intelligence: Technicality sees Credit Suisse acquitted of notorious Bulgarian cocaine cash laundering episode

A top Swiss court on acquitted Credit Suisse, now part of UBS (UBSG.S), opens new tab, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 conviction. The Federal Criminal Court’s original ruling was seen as a test case for the prosecution of banks. It had found an ex-employee of the bank guilty of money-laundering, and Credit Suisse of failing to do enough to stop the gang from laundering profits through the lender from 2004 to 2008.