Startling revelations from a Credit score Suisse Group AG (NYSE: CS) whistleblower has uncovered the hidden wealth of the financial institution’s shoppers, a few of them unsavory.
The leaked knowledge from Credit score Suisse, Switzerland’s second-biggest financial institution, discloses particulars on greater than 30,000 shoppers. The leak factors to widespread failures of due diligence by Credit score Suisse, regardless of many pledges over the many years to focus on illicit funds.
The German day by day, Sueddeutsche Zeitung, obtained the information concerning the financial institution from an unknown supply. The info factors to the financial institution having accepted “corrupt autocrats, suspected conflict criminals and human traffickers, drug sellers and different criminals” as clients.
A number of newspapers reported that greater than 18,000 leaked accounts confirmed criminals, alleged human rights abusers and sanctioned people (together with dictators) had been shoppers of the Swiss financial institution.
In response to the report, the account holders included a Yemeni spy chief who was implicated in torture, Venezuelan officers concerned in corruption scandals, and the sons of former Egyptian dictator Hosni Mubarak.
Nonetheless, in a press release, Credit score Suisse stated that it “strongly rejects” the accusations made about its enterprise practices.
The financial institution stated it had reviewed numerous accounts probably related to the allegations, and about 90% of them “are at the moment closed or had been within the strategy of closure earlier than receipt of the press inquiries, of which over 60% had been closed earlier than 2015.”
Picture: Finance Blue on flickr
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