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Credit Suisse hits out at allegations after massive client data leak

Credit Suisse hits out at allegations after massive client data leak
Credit Suisse hits out at allegations after massive client data leak

Switzerland-based investment bank, Credit Suisse, has reportedly denied allegations of wrongdoings after an anonymous source leaked crucial banking data bringing to light the hidden wealth of several of its clients.

A whistleblower had leaked data of over 18,000 bank accounts, holding over $100 billion, to Süddeutsche Zeitung, a German newspaper, last year, which included personal, shared, as well as corporate accounts, along with some accounts opened in the 1940s.

After months of careful examination of the data by around 50 media organizations, it has been suggested that evidence of how these account holders may be involved in serious crimes, like drug trafficking or money laundering, has been found.

The bank, however, has rejected these allegations and insinuations regarding its business practices or its lack of due diligence.

Credit Suisse stated that the account of these matters presented, being predominantly historical and dating as far back as the 1940s, are based on partial, inaccurate, or selective information that has been taken out of content.

In reports published by media giants such as the New York Times and The Guardian, it has been claimed that the Swiss bank opened or maintained accounts for clients that are considered high-risk, such as criminals or individuals involved in human trafficking.

The leaked data had been shared with over 40 global media organizations by Organized Crime and Corruption Reporting, a non-profit journalism group.

Credit Suisse defended itself against the media allegations, saying that it appears as a concerted effort to discredit the bank as well as the Swiss financial marketplace.

The bank stated that it has also reviewed several accounts potentially associated with the matters in question, with around 90% of those either already closed or in the process of closing before receiving press inquiries about them.

The bank also stated that 60% of the accounts in question were closed prior to 2015, but did not comment on the specifically-mentioned clients.

The matter is the latest in the list of scandals for the Swiss bank after its two top executives left the organization for having broken Covid regulations and spying on former employees recently.

Source credit: https://www.bbc.com/news/business-60456196

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.