Credit Suisse Denies Wrongdoing After Big Banking Data Leak

Credit Suisse has hit out after a massive data leak has brought to light the hidden wealth of several clients of the bank.

Data on more than 18,000 bank accounts, holding more than $100bn (£73.6bn), was leaked to German newspaper Süddeutsche Zeitung by a whistleblower.

It includes personal, shared, and corporate accounts, as well as those opened as far back as the 1940s.

Nearly 50 media organisations have spent months poring over the data.

In their investigations, they suggest they have found evidence Credit Suisse accounts had been used by clients involved in serious crimes such as money laundering or drug trafficking.

But the Swiss bank rejected the allegations in a statement on Sunday, saying it strongly rejected the allegations and insinuations about the bank’s alleged business practices or lack of due diligence carried out.

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

Holding a Swiss account is not illegal and the leak also reportedly contained data of clients who had done nothing wrong.

The data was shared with more than 40 media organisations around the world by non-profit journalism group, the Organized Crime and Corruption Reporting Project.

It includes bank accounts dating back decades. The majority were opened from 2000 onwards, although the bank’s current operations are not included.

Credit Suisse also said on Sunday that it had reviewed a large volume of accounts potentially associated with the matters raised.

The bank added it was “deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld”.