Credit Suisse, now part of UBS, has been acquitted by a top Swiss court in a high-profile money laundering case.
The court overturned a previous conviction from 2022, which had marked a significant moment in prosecuting financial institutions for their involvement in illicit activities.
The bank was initially found guilty of money laundering and held accountable for not doing enough to prevent a Bulgarian cocaine trafficking gang from laundering profits through its accounts between 2004 and 2008.
The original conviction resulted in a fine of 2 million Swiss francs and the confiscation of over 12 million francs in assets held by the gang.
The bank was also ordered to pay more than 19 million francs in compensation.
However, the recent acquittal was due to the death of a former employee, which raised concerns about assessing the alleged violations without infringing on her presumption of innocence.
UBS, which took over Credit Suisse, welcomed the ruling as a resolution to a legacy issue.
The Swiss federal attorney general's office will review the findings before deciding on any further action.
This case highlights the ongoing scrutiny faced by financial institutions regarding their compliance with anti-money laundering regulations and the need for robust systems and controls to prevent money laundering within the banking sector.