UBS has been acquitted in the Bulgaria case, which was previously associated with Credit Suisse.

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

Credit Suisse had initially been fined two million Swiss francs and ordered to pay 19 million Swiss francs in compensation for inadequate organizational practices linked to qualified money laundering activities.

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

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