After media outlets reported findings of coordinated investigations into a data leak involving thousands of accounts maintained at Credit Suisse over the years, Switzerland’s financial authority said it was in contact with the bank.
The accounts were held in decades ranging from the 1940s to the 2010s, and information about them was provided to Germany’s Sueddeutsche Zeitung by a single person. The Organized Crime and Corruption Reporting Project, as well as 46 other news organisations, received the report from the German daily.
The charges included claims that the bank’s clientele included human rights violators and sanctioned businesses. The Swiss Financial Market Supervisory Authority (FINMA) said to a news outlet, “We are aware of the publications.” FINMA noted, “Compliance with money laundering legislation has been a priority of our supervisory actions for years now.”
Accusations of impropriety were denied by Credit Suisse. Over 18,000 accounts with a total value of over $100 billion were included in the stolen data. After a succession of risk-management scandals and a 1.6 billion Swiss franc loss in 2021, shares in Switzerland’s second-largest bank trimmed early losses to trade modestly down in early trading.
In a statement published in response to the consortium’s claims, Credit Suisse said, “Credit Suisse firmly denies the charges and insinuations concerning the bank’s claimed business operations.” The issues raised are mostly historical… and are based on selected, fragmentary material that has been taken out of context, resulting in skewed assessments of the bank’s business practises.
“Credit Suisse is acutely aware of its obligation to its clients and the financial sector as a whole to uphold the highest standards of behaviour.” These charges in the media appear to be part of a coordinated campaign to undermine the bank and the Swiss financial system, which has experienced substantial changes in recent years,” it continued.
In the last three weeks, the bank claimed it had received “many enquiries” from the consortium and had evaluated several of the accounts involved. “Approximately 90% of the reviewed accounts are now closed or in the process of closure prior to receipt of the press enquiries, with over 60% of the accounts closed prior to 2015,” it stated.
“We are certain that proper due diligence, reviews, and other control-related actions were completed in accordance with our existing structure for the remaining active accounts.” We’ll keep looking into the situation and, if required, take further action.”
Credit Suisse also responded to a number of other questions. Following a “preliminary assessment” of “a huge number of accounts” about which reporters inquired, the bank stated that “more than 90%” are now “closed or in the process of closure,” according to the bank.
“We are confident that sufficient due diligence, reviews, and other control related measures, including pending account closures, were performed for the remaining active accounts,” a Credit Suisse official stated.
Credit Suisse has a “strong zero tolerance policy” for tax evasion, “only wants to engage with tax compliant customers,” and “has established various client tax compliance initiatives across multiple jurisdictions,” according to the spokesman.
Credit Suisse has “stringent control systems in place” to prevent money laundering, according to the spokesman, and “conducts name screening in line with industry norms… both at onboarding and in connection to existing accounts.”
“We take immediate and decisive action if we detect any ties that may have been utilised for [money laundering] or other illegal behaviour,” the spokesman added.
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