UBS has been cleared of charges related to money laundering connected to the Bulgarian mafia, according to the Appeals Chamber of the Federal Criminal Court.
The outcome of the case was significantly influenced by the death of the accused client advisor who was involved in the alleged money laundering.
In a separate development, Credit Suisse was fined two million francs in June 2022 and ordered to pay a compensation claim of 19 million francs due to deficiencies in its organizational structure that contributed to the offense of qualified money laundering.