The office of the Swiss attorney general announced on Monday that it charged a compliance officer employed by the former bank Credit Suisse SA, now part of UBS SA, with money laundering.
It also accused Credit Suisse and UBS of failing to prevent the alleged criminal activity "as a result of organizational deficiencies."
The case is based on a transaction in 2016, when the government of Mozambique transferred $7.86 million to accounts held by a Mozambican company at Credit Suisse. Swiss prosecutors argued that the indicted compliance officer was aware that the funds were "obtained or facilitated through offenses committed in Mozambique," including corruption and misconduct in public office, but that she failed to report her findings to the Swiss authorities.
According to the indictment, Credit Suisse only filed a report of suspected money laundering in 2019, with prosecutors stating that the bank had "considerable defects" in its risk management, compliance, and internal directives systems.
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