The money laundering case involving the Bulgarian mafia, which originated from Credit Suisse and dates back to 2007-2008, has resulted in UBS being acquitted by the Federal Criminal Court in Bellinzona.

Credit Suisse, initially found guilty of failing supervisory obligations in 2022, faced a fine of 2 million francs and was ordered to pay 19 million in compensation. The federal prosecutor's office had appealed for a maximum penalty of 5 million and 41 million in damages.

Alongside UBS's acquittal, two defendants had their sentences reduced. A 50-year-old Bulgarian associate of mafia boss Evelin Banev had his sentence reduced from 36 months to 29 months, suspended. Additionally, a 63-year-old former employee of Julius Baer, who had transitioned to the underworld, received a reduced sentence from 14 months to 5 months with parole.

This case highlights the ongoing scrutiny of financial institutions and their compliance with anti-money laundering regulations.