UBS Acquitted Over Credit Suisse Criminal Money Laundering Case

Credit Suisse’s 2022 conviction for failing to prevent the money laundering of a cocaine dealer’s profits was overturned by a Swiss appeals court following the death of one of its former employees who was found guilty in the case.

A., as the former banker can only be named, died in April 2023 following a long-running illness, complicating the appeals process. The Swiss Appeals court ruled on Wednesday that it “in view of A.’s death, it was not possible to examine the bank’s” alleged breach “without violating the presumption of innocence of the deceased.”

Therefore, the court said, the bank should be acquitted and compensation it was ordered to pay of 19 million Swiss francs ($21.5 million) be canceled.

Under Swiss law, prosecutors can press criminal charges against banks if they believe those institutions didn’t do enough to screen clients and prevent criminal wrongdoing. Credit Suisse’s conviction was one of a number of court cases and lawsuits that UBS had looked to resolve since the takeover of its troubled former rival in 2023.

UBS said in a statement that it “welcomes the court’s decision to acquit the bank in connection with a legacy matter related to Credit Suisse.”