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February 21, 2022

Credit Suisse denies allegations linked to data leak

Credit Suisse has rejected allegations about ‘the bank’s purported business practices’ after data on more than 18,000 bank accounts were leaked.

The data, which covers accounts opened from the 1940s to 2010s, was leaked to German newspaper Sueddeutsche Zeitung by an unidentified whistleblower over a year ago.

The newspaper then shared the data with nonprofit journalism group and a number of global news organisations, whose investigation indicated that the Swiss bank allegedly managed accounts for clients involved in crimes such as corruption, money laundering, drug trafficking and human rights abuses.

Rejecting the allegations, Credit Suisse said that the data was ‘predominantly historical’ and the accusations were ‘based on partial, inaccurate, or selective information taken out of context’.

The bank also said that that it reviewed the accounts associated with the leak after receiving inquiries from the consortium working on the stories.

Credit Suisse said in a statement: “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 analyse the matters and take additional steps if necessary.”

Credit Suisse added that the allegations ‘appear to be a concerted effort to discredit not only the bank but the Swiss financial market-place as a whole’.

The bank said it will carry out investigations with an internal task force consisting of specialist external experts.

Credit Suisse was hit by Archegos and Greensill implosions last year.

The bank is also facing a number of lawsuits in several countries for its involvement in money laundering and operational failures in the past.

Credit Suisse Group has registered attributable net loss of $2.2bn in Q4 2021. Factors driving the annual loss included CHF1.1bn in litigation costs as well as a CHF1.62bn goodwill impairment related to a 2000 takeover of a US investment bank.

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