Credit Switzerland is guilty of failing to prevent money laundering in the country's first criminal trial against one of Switzerland's major banks I was sentenced.
A former employee was convicted of money laundering in a trial. This includes testimony about murder and cash packed in suitcases and is considered a test case for prosecutors to take a stricter attitude towards national banks.
This isanother headache for Thomas Gottstein, CEO of Switzerland's second largest bank. }
Credit Switzerland and a former employee both denied cheating.
Credit Switzerland said he would appeal the conviction.
Judges Credits Switzerland and former employees prevent Bulgarian cocaine trafficking gangs from laundering profits through banks between 2004 and 2008 I checked to see if I had done enough.
On Monday, the court found a flaw in credits Switzerland with respect to both managing customer relationships with criminal gangs and monitoring anti-money implementation. Said. Laundering rules.
"These flaws have made it possible to withdraw the assets of criminal organizations, which was the basis for the conviction of a former bank employee for eligible money laundering," the court said. Said.
"Companies should prevent infringement if they meet the obligations of the organization. The presiding judge added that the former employee's boss was "passive" when making the verdict.
Credits Switzerland stated that the incident arose from an investigation dating back more than 14 years.
"Credit Switzerland is continuously testing the framework to prevent money laundering and has been strengthening it over time in accordance with evolving regulatory standards." Says.
"Creating compliant business growth in line with regulatory requirements is important for credits Switzerland."
Credit Suisse faces a fine of CHF 2 million ($ 2.1 million). The court also ordered the drug gang to confiscate credits more than CHF12 million in assets held in its Swiss account and the bank to confiscate more than CHF19 million. This is the amount that could not be confiscated. Credit Due to an internal defect in Switzerland.
The court sentenced a former employee who could not be named under Swiss privacy law to 20 months in prison and a fine for money laundering.
The presiding judge said he was unable to play a role in the bank's "front line of defense."
Legal Measures
Corruption and Money Laundering Experts Law Against Global Banking Players Like Switzerland Credits Switzerland A message in a country famous for the banking industry, stating that the fact that it has taken steps could send a strong one.
"This could be a watershed moment for Switzerland," said Mark Peace, a money laundering expert at the University of Basel, on the eve of the trial.
"The important thing in this case is that Switzerland is taking legal action against companies as well as companies. Credits Switzerland is the jewel of the Swiss crown
Swiss private banks have adopted stricter money laundering prevention checks after cracking down on international regulations to prevent money laundering. I am.
Under Swiss law, businesses are held liable and criminally liable for inadequate organization or failure to take all reasonable steps to prevent the occurrence of crime. There is a possibility.
Credits Switzerland In the case, the prosecutor criminalized the customer through transactions of more than CHF 146 million, including a former relationship manager of CHF 43 million. Claimed to have helped conceal the source. Francs in cash, some of which are packed in suitcases.
The relationship manager who left credits Switzerland in 2010 was not in court on Monday.
At a court hearing in February, a former relations manager learned that credit Switzerland was involved in a murder and cocaine smuggling allegedly related to a Bulgarian gang. Said that it continues to manage cash, which is currently the focus. Of the trial.
A former banker informed his boss of an incident involving two client-related murders at a hearing, but said they still decided to carry out the business.
Credits Switzerland disputes the source of illegal funds, alleging that a former Bulgarian wrestler and his circle were doing legitimate business in construction, renting and hotels. I did.
($ 1 = 0.9594 CHF)
