Credit Suisse Denies Media Allegations Based on Leaked Documents

A sign of Switzerland's second largest bank Credit Suisse on a branch's building in downtown Geneva, Switzerland, on Nov. 4, 2020. (Fabrice Coffrini/AFP via Getty Images)

Credit Suisse Group has denied allegations regarding its alleged business practices or lack of due diligence after leaked documents reportedly showed that the bank had catered to dozens of criminals, dictators, and sanctioned political actors.

The latest allegations center around allegedly leaked records identifying more than 18,000 accounts belonging to foreign customers who allegedly stashed their money at the Switzerland-based firm.

The left-wing German newspaper Sueddeutsche Zeitung claimed to have received the data—which ranged from the 1940s until the 2010s—from a whistleblower more than a year ago.

It doesn’t cover the bank’s current operations.

Sueddeutsche Zeitung then shared the data with the Organized Crime and Corruption Reporting Project and 46 other media organizations around the world, including The New York Times and The Guardian.

Combined, their accounts held more than $100 billion, according to The Guardian.

The Epoch Times hasn’t independently verified the authenticity of the documents.

Credit Suisse said in a Feb. 20 statement that it “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 global investment bank stated.

“While as a matter of law Credit Suisse cannot comment on potential client relationships, we can confirm that actions have been taken in line with applicable policies and regulatory requirements at the relevant times, and that related issues have already been addressed.”

It noted that the bank has reviewed “a large volume of accounts potentially associated with the matters raised” in the investigation and that approximately 90 percent of those reviewed “are today closed or were in the process of closure prior to receipt of the press inquiries.”

Around 60 percent of those accounts were closed before 2015, according to Credit Suisse.

“As a leading global financial institution, Credit Suisse is deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld. These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial marketplace as a whole, which has undergone significant changes over the last several years,” the bank stated.

When contacted for comment, Credit Suisse referred The Epoch Times to its official statement.

King of Jordan Abdullah II addresses the European Parliament in Strasbourg, France, on Jan. 15, 2020. (Vincent Kessler/Reuters)

The former boss of Lloyds Banking Group has stepped down as chairman of Credit Suisse after less than 12 months following an investigation (Jonathan Brady/PA)

The bank has previously pledged to continuously “evolve our approach to financial crime risk management.”

“All employees are required to complete mandatory Financial Crime Awareness training annually,” the bank stated.