UBS has been acquitted by the Appeals Chamber of the Federal Criminal Court in a high-profile Bulgarian mafia case.

Case Background

The case initially involved Credit Suisse, but UBS was cleared of any involvement with a Bulgarian criminal network known for cocaine trafficking.

Implications for Corporate Responsibility

The ruling has significant implications for corporate responsibility and anti-money laundering practices in major financial institutions.

Credit Suisse's Penalties

Credit Suisse had previously been fined two million francs and ordered to pay 19 million francs in compensation for breaches of corporate responsibility related to qualified money laundering.

The bank was found to have deficiencies in its oversight of banking relationships with the Bulgarian mafia and failures to adhere to anti-money laundering regulations.

Other Defendants and Sentences

The Appeals Chamber also handed down sentences to other defendants involved in the case.

Final Ruling and Potential Appeals

The ruling is not yet final and may be subject to further appeals.

Challenges Faced by Financial Institutions

This case highlights the challenges faced by financial institutions in complying with anti-money laundering regulations and the potential consequences of failing to uphold corporate responsibility standards.