UBS has been cleared of charges related to money laundering connected to the Bulgarian Mafia by the Federal Criminal Court.

In a previous ruling, Credit Suisse was found guilty of insufficient organizational measures in relation to aggravated money laundering and was fined CHF 2 million, along with a compensatory claim of CHF 19 million.

The court determined that Credit Suisse did not adequately supervise its dealings with the Bulgarian Mafia and failed to comply with anti-money laundering regulations.

Furthermore, two other defendants in the case received reduced sentences, with one receiving a partially suspended prison term of 29 months and the other a five-month suspended sentence.

These sentences were less severe than the original penalties imposed in the initial ruling.