Credit Suisse faced with money laundering charges

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/02/Credit-Suisse-investigation.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>This customer had started placing suitcases full of cash in a safe deposit box at Credit Suisse. He was later shot dead in 2005.</p>
<p>The prosecutors believe that Banev and his associates used a practice called smurfing. This entails breaking down a large sum of money into smaller amounts, which are below the AML alert threshold. The money is laundered by putting millions of euros in small bills in safety deposit boxes and then transferring them into accounts at a later stage.</p>
<p>This was a common practice at the time in question, however, Swiss private banks have since implemented tougher AML and KYC checks.</p>
<h2>Credit Suisse denies the allegations</h2>
<p>The bank said in a statement to Reuters that it rejects the allegations and it will defend itself in court. Credit Suisse also maintains that its former employee, who cannot be named under Swiss privacy laws, is innocent.</p>
<p>The prosecutors allege that the former employee of Credit Suisse, helped conceal the illegal activities by carrying out over 146 million Swiss francs in transactions. Representatives of the former employee were outraged saying that the prosecutors need to implicate a person in order to prove wrongdoing of the bank.</p>
<p><a target="_blank" href="https://www.leaprate.com/tag/credit-suisse/" rel="noopener">Credit Suisse</a> has also disputed the illegal origin of the money since Banev and his associates also operated legitimate businesses in construction, leasing and hotels.</p>
<p>According to Reuters sources, the prosecutors asked the bank for information on Banev and his associates’ accounts in 2007. This was requested from Bulgaria. Credit Suisse then noticed withdrawals but the bank’s compliance department was asked not to freeze the accounts so that its clients are not tipped off.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/credit-suisse-faced-with-money-laundering-charges/">Credit Suisse faced with money laundering charges</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>