Swiss investment bank Credit Suisse has found itself in the middle of yet another scandal. Multiple media outlets reported on Sunday a leak of data on thousands of accounts held at the bank.
A whistleblower leaked information on over 18,000 accounts with over $100 billion, held between 1940s to 2010s, to German newspaper Sueddeutsche Zeitung.
The data was shared with the Organized Crime and Corruption Reporting Project and 46 news organisations including New York Times.
The information released alleges that the bank’s clients included criminals, human rights abusers and businessmen facing sanctions.
Swiss Financial Market Supervisory Authority (FINMA) told Reuters that they are aware of the articles and compliance with anti-money laundering regulations has been the focus of the regulator for years.
Credit Suisse has denied wrongdoing.
The bank stated:
Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices. The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.
The bank added:
Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015. Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework. We will continue to analyze the matters and take additional steps if necessary.
Following a series of scandals and recent legal troubles, it was revealed earlier this month that Credit Suisse is facing charges in Swiss court in relation to Bulgarian cocaine trafficking money laundering activities.
