Credit Suisse has been acquitted by a Swiss court of failing to prevent money laundering associated with a Bulgarian cocaine trafficking gang.

The court overturned a previous conviction from 2022, which had found a former employee guilty and held the bank responsible for not adequately stopping the laundering of profits between 2004 and 2008.

The appeals chamber stated that the bank's acquittal was due to the inability to examine alleged criminal code violations without infringing on the presumption of innocence.

As a result, the compensation demand against Credit Suisse was also canceled.

In 2022, the bank had faced a fine of two million Swiss francs and was ordered to confiscate over 12 million francs in assets held by the gang, along with a compensation payment exceeding 19 million francs for assets that could not be seized.

UBS, which acquired Credit Suisse after its collapse in March 2023, welcomed the ruling, emphasizing that it pertains to legacy issues of the former bank.

The Swiss federal attorney general's office is currently reviewing the findings to determine any further actions.