UBS has been acquitted in the Bulgaria case, which was previously taken over by Credit Suisse.

The Appeals Chamber's decision, published on Wednesday, also resulted in reduced sentences for two other defendants involved in the case.

In June 2022, Credit Suisse was fined two million Swiss francs and ordered to pay a compensation claim of 19 million Swiss francs due to deficiencies in its organizational practices related to qualified money laundering.

The court found that the bank failed to adequately monitor its banking relationships with the Bulgarian mafia and did not comply with anti-money laundering regulations between July 2007 and December 2008.

The two other defendants, a former banker and a confidant of the mafia boss, received a partial prison term of 29 months and a conditional prison term of five months.