UBS has been acquitted of money laundering charges related to the Bulgarian mafia by the Federal Criminal Court in Switzerland.

The case was inherited from UBS's acquisition of Credit Suisse. During the appeal process, the sentences of two defendants were reduced.

In 2022, Credit Suisse was found guilty of aggravated money laundering in connection with a Bulgarian drug trafficking operation. The bank was fined CHF 2 million ($2.3 million) and ordered to pay CHF 19 million in compensation.

The court determined that Credit Suisse had failed to adequately prevent members of the crime syndicate from benefiting from cocaine trafficking and had not complied with anti-money laundering regulations between July 2007 and December 2008.

Following the recent ruling, the sentences for the two defendants were adjusted to partial suspended prison terms of 29 and five months, down from their original sentences of 36 months and 14 months, respectively.