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Credit Suisse plans to appeal money-laundering verdict

Reuters
Updated ·1 min read

BERLIN, June 27 (Reuters) - Credit Suisse said on Monday it would appeal a landmark decision by Switzerland's Federal Criminal Court to convict the bank and a former employee of failing to prevent money-laundering.

The court fined Credit Suisse 2 million Swiss francs ($2.08 million) after finding it did not do enough to prevent an alleged Bulgarian cocaine trafficking gang from laundering profits through the bank from 2004 to 2008.

"Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards," the bank said in a statement in response to the decision. ($1 = 0.9595 Swiss francs) (Writing by Rachel More, Editing by Miranda Murray)