UBS has been acquitted in the Bulgaria case, which was previously linked to Credit Suisse.

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

Initially, Credit Suisse faced a fine of two million francs and was ordered to pay a compensation claim of 19 million francs due to deficiencies in its organizational structure related to qualified money laundering activities.

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

The two defendants, a former banker and a confidant of the mafia boss, received partially conditional prison sentences of 29 months and five months, respectively.

This ruling is a significant development in the ongoing scrutiny of financial institutions and their compliance with regulatory standards.