Credit Suisse is fined 2 million for breach of corporate responsibility in connection with the offence of aggravated money laundering.

The Federal Criminal Court on Monday imposed a firm fine of CHF 2 million on Credit Suisse in the trial for money laundering in connection with the Bulgarian mafia. One defendant received a partially suspended prison sentence, while the other three received suspended sentences.

The Court of Criminal Affairs accused him of failures both in the monitoring of banking relations with the Bulgarian mafia and in the supervision of anti-money laundering rules during the period from July 2007 to December 2008. The facts prior to June 27, 2007 are time-barred.

The shortcomings of Credit Suisse allowed the criminal organization to evacuate part of the deposited funds. The Court of Criminal Affairs has ordered the confiscation of CHF 12 million deposited in accounts linked to this organization. In addition, the bank will have to pay a compensation claim of 19 million francs for the amounts that could not be sequestered due to its failures.