Credit Suisse 'had clients tied to corruption'

Credit Suisse issued a statement soon after the stories were published, saying it “strongly rejects the allegations and insinuations about the bank’s purposed business practices.” (Walter Bieri/Keystone via AP, File)

Credit Suisse managed accounts for clients involved in human rights abuses, corruption and drug trafficking, according to newspaper reports based on leaked data on more than 18,000 accounts that together held more than $100bn (€88bn).

An anonymous whistle-blower gave the information to German newspaper Sueddeutsche Zeitung, which shared the data with a nonprofit journalism group and dozens of other news organisations worldwide. 

The data covers accounts opened from the 1940s until well into the last decade, according to the New York Times. The Guardian said some of the accounts remain open.

Credit Suisse issued a statement soon after the stories were published, saying it “strongly rejects the allegations and insinuations about the bank’s purposed business practices.” 

It said the information is “based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.” 

Credit Suisse shares fell almost 2% after the open on Monday. The Swiss financial regulator Finma said in a statement that it was in contact with the bank about the reports, without commenting further.

It said it reviewed the accounts involved after receiving inquiries from the consortium working on the stories. About 90% are closed or were already in the process of being shut, of which more than 60% were closed before 2015, the bank said.

“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”, the Zurich-based lender said. 

“We will continue to analyse the matters and take additional steps if necessary.” 

-Bloomberg