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The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously associated with Credit Suisse, and reduced the sentences for two defendants. The original case involved a fine for inadequate monitoring of banking relationships with the Bulgarian mafia and non-compliance with anti-money laundering regulations from 2007 to 2008. The two defendants, a former banker and a mafia confidant, received reduced prison sentences.
The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously associated with Credit-Suisse, while reducing the sentences of two other defendants. Credit-Suisse had been fined two million Swiss francs for failing to monitor banking ties with the Bulgarian mafia and violating anti-money laundering laws from July 2007 to December 2008. The other defendants, a former banker and a mafia confidant, received a 29-month prison term and a conditional five-month sentence.
UBS has been acquitted by the Federal Criminal Court in a case involving money laundering linked to the Bulgarian Mafia, which it inherited from Credit Suisse. The court's decision followed an appeal, while Credit Suisse had previously been fined CHF 2 million for inadequate supervision. Two other defendants received reduced prison sentences.
The Swiss Federal Criminal Court has acquitted UBS of money laundering charges linked to the Bulgarian mafia, a case inherited from Credit Suisse. The latter was previously fined 2 million Swiss francs and ordered to pay 19 million in compensation for failing to supervise its relations with the mafia between 2007 and 2008. Two defendants received reduced sentences, while the verdict remains subject to appeal.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to its failure to prevent money laundering linked to a Bulgarian cocaine trafficking gang. The bank, which collapsed in 2023 amid various scandals, was subsequently taken over by UBS.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to money laundering for a Bulgarian cocaine trafficking gang. The Federal Criminal Court's appeals chamber lifted the compensation claim against the bank, which is now part of UBS following its collapse in 2023 amid various scandals.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to money laundering for a Bulgarian cocaine trafficking gang. The Federal Criminal Court's appeals chamber lifted the compensation claim against the bank, which collapsed in 2023 and was taken over by UBS.
The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously taken over by Credit Suisse, while reducing the sentences of two other defendants. Credit Suisse had been fined two million Swiss francs and ordered to pay 19 million francs for failing to monitor banking ties with the Bulgarian mafia and for not adhering to anti-money laundering regulations from July 2007 to December 2008. The other defendants, a former banker and a mafia associate, received a 29-month prison term and a conditional five-month sentence.
TPF has acquitted UBS in a case linked to the Bulgarian mafia, while Credit Suisse was convicted in 2022 for inadequate organization related to aggravated money laundering. The bank was fined CHF 2 million and faced a compensatory claim of CHF 19 million. Two other defendants received partial suspended prison sentences of 29 and five months, down from initial sentences of 36 months and 14 months, respectively.
At a recent press conference, Raiffeisen Capital Management unveiled its CEE Asset Management Radar, highlighting the growth potential of the asset management industry across fourteen Central and Eastern European countries. The radar combines economic data with asset management trends, forecasting a compound annual growth rate of 12.1% for the region, driven primarily by net inflows. Raiffeisen Group's assets under management reached a record high of nearly 65 billion euros, reflecting a robust recovery and increasing interest in sustainable investments.
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