UBS received a favorable ruling in an appeal related to funds linked to Credit Suisse on Wednesday, March 4, 2026, as the Federal Criminal Court acquitted the bank of aggravated money laundering charges. The case stems from events that occurred while Credit Suisse operated independently.
The initial accusations targeted Credit Suisse, alleging the bank accepted funds from the criminal organization led by Evelin Banev. Following its acquisition by UBS, Credit Suisse was subject to legal proceedings.
Credit Suisse had previously been convicted in a first-instance ruling in June 2022, resulting in a fine of two million Swiss francs and an order to pay 19 million Swiss francs in restitution, representing alleged illicit gains. This decision was then appealed.
The Bellinzone court revisited the case after the Federal Court had remanded it for further review.
UBS salutes the Federal Criminal Court’s decision
UBS welcomed the appellate court’s decision in a statement, noting that it believed the proceedings should have been dismissed altogether. The bank argued that, following a merger, the criminal responsibility of a company cannot be transferred to its successor. The ruling underscores the complexities of corporate liability in mergers and acquisitions.
The Court of Appeal’s decision is not final and can be challenged before the Federal Court.
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