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Credit Suisse found guilty, fined $2.1M in cocaine money laundering case

Credit Suisse found guilty, fined $2.1M in cocaine money laundering case
Credit Suisse, located in Zurich, Switzerland, is pictured in 2016. The bank on Monday was fined $2.1 million and ordered to pay the Swiss government $20 million in connection with a money laundering case on Monday. File Photo by Ennio Leanza/EPA

June 27 (UPI) -- Credit Suisse, one of the world's leading financial services providers, said on Monday it will appeal a decision made by Swiss criminal court that the bank and an employee helped a Bulgarian crime ring leader launder cocaine trafficking funds.

The court said Credit Suisse did not go far enough in curtailing the illegal activity of the crime ring, allowing the group to hide millions in ill-gotten profits and move tons of cocaine through Europe.

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The court fined Credit Suisse $2.1 million along with ordering it to pay another $20 million to the Swiss government. The financial services company said the cases date back to 2007 and 2008.

"The investigation dates back more than 14 years," Credit Suisse said in a statement. "The bank will appeal the decision."

"Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards. Generating compliant business growth in line with legal and regulatory requirements is key for Credit Suisse."

Credit Suisse has registered shares in New York as well as in Switzerland.

In February, Credit Suisse rejected accusations of poor business practices that came after reports of a major data leak that involved numerous accounts.

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A nonprofit watchdog reported the data leak involved records of tens of thousands of accounts -- including some linked to accused criminals, dictators and human rights abusers.

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