Guilty: Credit Suisse hit with money laundering conviction | Banks News | Al Jazeera

On Monday, the verdict was in: guilty — a historic judgment for the bank in the first ever criminal conviction of a major Swiss lender in the country’s history. The ruling, in which a former relationship manager at the bank was also convicted on money laundering charges, was handed down by Switzerland’s top criminal court on Monday afternoon.

The woman was given a 20-month suspended prison sentence while Credit Suisse faces a fine of 2 million Swiss francs ($2.1 million) and was also hit with a claim of 19 million francs, equivalent to the amount the bank allowed to be laundered.

The main Bulgarian at the heart of the scandal, who was later sentenced to a 20-year term for his drug offenses, organized the import of tens of metric tons of cocaine into Europe between 2002 and 2012, using boats, planes and drug mules willing to swallow cocaine-packed rubber balls.

Guilty: Credit Suisse hit with money laundering conviction | Banks News | Al Jazeera