Credit Suisse faces money laundering scrutiny following leak of client’s financial details

Credit Suisse is tied in a new scandal revolving around criminals and illicit funds following the leak of customer data.

Credit Suisse has faced scrutiny following the leak of information which showed the bank has provided services to criminals, raising questions about their internal procedures.

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The Guardian reported the leak of 30,000 clients details highlighted Credit Suisse had been involved in managing the wealth of individuals involved torture, drug trafficking and money laundering.

Credit Suisse is yet again being accused of allegedly allowing clients with criminal records to maintain an account with the Swiss Bank after accusations they facilitated money laundering for cocaine dealers.

The Credit Suisse chairman recently left his post after he was found to break Covid regulations and faced backlash from ex-employees revealing money laundering practices.

As a response to these allegations, Credit Suisse issued a press release which stated, “Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices. The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct. While as a matter of law Credit Suisse cannot comment on potential client relationships, we can confirm that actions have been taken in line with applicable policies and regulatory requirements at the relevant times, and that related issues have already been addressed.” 

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“Following numerous inquiries by the consortium over the last three weeks, Credit Suisse has reviewed a large volume of accounts potentially associated with the matters raised. Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015. Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework. We will continue to analyze the matters and take additional steps if necessary.”

Past these allegations, talks of assessing Switzerland as a high risk country are about.

In an interview with The Guardian, Jonás Fernández, an S&D MEP and spokesperson for economic and monetary affairs said, “these latest revelations show that too many of the world’s largest banks have still not learned their lesson. Banks are only too willing to accept dirty money, as long as they can pocket the fees.”

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