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

Overturned Conviction

The previous conviction of Credit Suisse, which imposed a fine of two million francs for qualified money laundering and a compensation order of 19 million francs for corporate responsibility breaches, has been overturned.

Reduced Sentences

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

Original Conviction

The original conviction was based on findings that Credit Suisse had failed to adequately monitor its banking relationships with the Bulgarian mafia and had not sufficiently enforced anti-money laundering regulations during a specific period.

Prosecutor's Office

The Federal Public Prosecutor's Office (MPC) had sought a maximum penalty of five million francs and a total compensation claim of 41 million francs.

Defendants

Among the four individuals initially charged alongside Credit Suisse, one has passed away, while two others appealed their convictions.

Adjusted Sentences

The sentences of the defendants have been adjusted based on the Appeals Chamber's reassessment of the evidence and their roles in the criminal activities associated with the Bulgarian mafia.

Challenges Faced by Financial Institutions

The acquittal of UBS and the adjustments to the defendants' sentences highlight the challenges faced by financial institutions in complying with anti-money laundering regulations.

Importance of Monitoring Systems and Corporate Governance

It emphasizes the importance of robust monitoring systems and corporate governance practices in sectors vulnerable to criminal exploitation.

Final Ruling

The ruling is not yet final and remains subject to appeal to the Federal Court.