LOSING CREDIT

Swiss Court Finds Credit Suisse Guilty in Cocaine Money-Laundering Case

According to a Swiss federal court, Credit Suisse did not adequately monitor accounts from a Bulgarian crime ring.

A Swiss criminal court dealt another blow to Credit Suisse on Monday, finding the banking giant and a past employee guilty in a money-laundering case linked to cocaine trafficking. The court found the bank did not do enough to stop a Bulgarian crime ring from laundering money, The Wall Street Journal reported. According to prosecutors, the Bulgarian crime ring transported cocaine into Europe while moving millions through Switzerland’s second-largest bank. Credit Suisse did not, according to the court, monitor its accounts closely enough, thereby enabling the criminal enterprise. The central allegations date back more than 14 years, and Credit Suisse plans to appeal the decision, saying the company has consistently assessed and bolstered its anti-money-laundering efforts. The court fined Credit Suisse, which is currently attempting to rebound from financial losses, $2.1 million and mandated that it pay $20 million to the Swiss government.