BELLINZONA: In the nation’s first criminal trial of one of its largest banks, Credit Suisse was found guilty by Switzerland’s Federal Criminal Court of failing to prevent money laundering.
The trial, which featured testimony on killings and money stuffed into suitcases and is considered as a test case for prosecutors taking a stronger stance against the country’s banks, resulted in the conviction of a former employee for money laundering.
It adds to the second-largest bank in Switzerland’s growing list of problems, which already include billions in losses from risk management and compliance errors. The former employee and Credit Suisse both denied misconduct.
Credit Suisse declared that it would contest the judgment.
