Credit Suisse has been acquitted by a top Swiss court in a significant money laundering case involving Bulgarian cocaine traffickers, overturning a previous conviction from 2022.

The Federal Criminal Court had found a former employee guilty of money laundering and held the bank accountable for failing to prevent the laundering of drug trafficking profits between 2004 and 2008.

The appeal, lodged by the heirs of the deceased former employee and Credit Suisse, led to the court's decision, which emphasized the need to uphold the presumption of innocence.

Consequently, the bank's previous penalties, including a fine of 2 million Swiss francs and a compensation order exceeding 19 million francs, have been annulled.

UBS, which acquired Credit Suisse in March 2023 amid financial turmoil, welcomed the ruling, noting that it effectively concludes the case, pending any potential appeal by Swiss federal authorities.