BELLINZONA, Switzerland, June 27 (Reuters) - Credit Suisse was convicted by Switzerland's Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country's first criminal trial of one of its major banks.
A former employee was found guilty of money-laundering in the trial, which included testimony on murders and cash stuffed into suitcases and is seen as a test case for prosecutors taking a tougher line against the country's banks.
The ruling marks another headache for Switzerland's second-biggest bank, which has been reeling from billions in losses racked up via risk-management and compliance blunders.
Federal prosecutor Alice de Chambrier welcomed the verdict as "good for transparency".
Both Credit Suisse and the former employee had denied wrongdoing.
Credit Suisse said it would appeal against the conviction. read more
The judges looked at whether Credit Suisse and the former employee did enough to prevent the cocaine trafficking gang from laundering profits through the bank from 2004 to 2008.
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