Credit Suisse is fined for helping a Bulgarian drug ring launder money, a court said.

Credit Suisse will have to pay a fine of CHF 21 million ($ 22 million) and compensation for loose controls that have allowed bank employees to support Bulgarian drug ring laundering funds. Said the Swiss Federal Criminal Court on Monday.

The ruling was the latest setback for banks suffering from conference room turmoil, announcing a profit amendment this month.

Credit Suisse, based in Zurich, said it would appeal against decisions stemming from the actions of bankers in 2007 and 2008. The Origin of Money Crime “, The court said in a statement..

Credit Suisse employees were aware of money from a gang (sometimes delivered in a cash-filled suitcase) that led to a murder in South America and a large smuggling of cocaine at a court hearing in February. I testified that. Reuters reported..

Credit Suisse shared responsibility for money laundering because it could not confirm that the bank’s management, legal team and compliance departments were in compliance with the money laundering prevention rules, the court said.

Credit suisse “We are continuously testing the money laundering prevention framework and are strengthening it over time,” he said on Monday.

Banks warned investors on June 8 that they are likely to report quarterly losses. This is the third time in a row and is an ominous sign as economic growth slows.

Credit Suisse is still recovering from its multi-billion dollar entanglement with bankrupt British lender Greensill Capital. And the collapsed hedge fund, Arquegos. In January, bank chairman Antonio Horta-Osorio resigned less than a year after being brought in to clear the turmoil. His resignation occurred during an investigation into whether his trip broke the rules of a pandemic. April, Credit Suisse publication Resignation of Chief Financial Officer, Head of Asia, and Legal Advisor.

In a ruling on Monday, a Swiss court fined a bank 2 million francs for a money laundering breach, confiscated 12 million francs held by a bank gang and ordered an additional payment of 19 million francs. .. Credit Suisse’s “internal flaw”, the court said.

A bank clerk who subsequently left Credit Suisse was sentenced to 20 months in prison for money laundering. Bulgarian citizens accused of initiating dragling money laundering activities were sentenced to 36 months in prison. A second Bulgarian citizen was sentenced to 12 months in prison for acting as an intermediary.

The court ruled that if the defendants maintained good behavior, all judgments would be significantly reduced.