UBS has been acquitted by the Swiss Federal Criminal Court in relation to charges of money laundering connected to the Bulgarian Mafia.

The court's decision came after UBS acquired Credit Suisse, which had previously been convicted for inadequate organizational measures regarding aggravated money laundering.

Credit Suisse was fined CHF 2 million and faced a compensatory claim of CHF 19 million.

The court found that Credit Suisse had failed in its supervisory responsibilities and violated anti-money laundering regulations in its dealings with the Bulgarian Mafia.

Two other defendants involved in the case received reduced sentences, with one receiving a partial suspended prison term of 29 months and the other a five-month suspended sentence.

Their initial sentences were longer, with custodial terms of 36 months and 14 months, respectively.