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Credit Suisse in the storm for suspicious accounts

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New tile knocks over Credit Suisse. The Swiss bank is back in the eye of the storm after a group of international newspapers published a massive investigation, conducted by over 160 journalists from 39 countries, resulting from a leak of data on thousands of accounts held in the Swiss bank.

“Suisse Secrets”, this is the name of the investigation, announced that the bank, over the course of decades, has had among its customers people who violated human rights and businessmen under international sanctions, former dictators, spies, fixers, corrupt politicians, suspected war criminals, human traffickers and men close to the ‘Ndrangheta.

It all started from the analysis of data relating to 18,000 bank accounts, attributable to over 30 thousand people and companies and for a total of over 100 billion euros, delivered by an anonymous informant to the German newspaper Süddeutsche Zeitung, which in turn shared them with other 47 newspapers from around the world, including the Italian La Stampa, the New York Times, the Guardian, Le Monde and the Organized crime and corruption reporting project (OCCRP).

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As reported by The printdespite the scandals, the bank would continue to provide its services to these customers for years despite the rules on the traceability of funds and the transparency of the activities that produced them.

Credit Suisse rejects allegations: old bank accounts

Credit Suisse replied immediately which, through a note, made it known that it firmly rejected the allegations and insinuations on the bank’s alleged business practices.

“The issues presented are mainly historicalin some cases dating back to the 1940sand reports of these matters are based on partial, inaccurate or selective information out of context, resulting in misleading interpretations of the bank’s business conduct. actions have been taken in line with the policies and regulatory requirements applicable at relevant times, and that the related issues have already been addressed “.

The bank also specified that:

“Following numerous investigations by the consortium over the past three weeks, Credit Suisse has reviewed a large volume of accounts potentially associated with the issues raised. Approximately 90% of the accounts analyzed are closed today or were in the process of closing prior to receiving press inquiries, of which over 60% were closed before 2015. Of the remaining active accounts, we are convinced that adequate due diligence , reviews and other control measures have been taken in line with our current framework. We will continue to analyze the issues and, if necessary, we will take further measures ”.

Credit Suisse: 2021 on the roller coaster

It is not the first time that the Swiss bank has found itself in a financial scandal. In 2021, the bank fell in the eye of the storm as part of the bankruptcy of the US fund Archegos and customer losses after the collapse of financial services firm Greensill. In December, Credit Suisse announced a series of important appointments to its executive board, with the aim of leaving the very difficult year behind. In January 2022, however, Antonio Horta-Osorio had to leave the role of chairman after only nine months, while a few days later Credit Suisse raised an earnings alarm.

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