Embattled Credit Suisse has responded to a huge data leak of accounts belonging to 30,000 of the bank's clients, totalling £80bn, covering funds controlled by corrupt businessmen and politicians.
The latest allegations were revealed on the evening of 20 February by a consortium of media companies including The Guardian and The New York Times.
The Organized Crime and Corruption Reporting Project (OCCRP) alleged Credit Suisse flouted international banking rules by having human rights abusers and criminals as its clients.
The allegations include that Credit Suisse managed money for the sons of the late Egyptian dictator Hosni Mubarak, with an account owned by Alaa Mubarak containing £138m in Swiss francs.
Another reported client was the former Algerian defence minister Khaled Nezzar, who was part of the military junta accused of extrajudicial executions and torture during the civil war.
Another account, closed in 2010, was reportedly opened by the Serbian fraudster Rodoljub Radulović, who was recently sentenced to 10 years in jail in Belgrade for cocaine smuggling.
In a statement "in response to a consortium of media outlets publishing a series of articles", Credit Suisse Group said:
"Credit Suisse strongly rejects the allegations and insinuations about the bank's purported business practices. The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank's business conduct.
"While as a matter of law Credit Suisse cannot comment on potential client relationships, we can confirm that actions have been taken in line with applicable policies and regulatory requirements at the relevant times, and that related issues have already been addressed."
The statement continued: "Following numerous inquiries by the consortium over the last three weeks, Credit Suisse has reviewed a large volume of accounts potentially associated with the matters raised.
"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 analyze the matters and take additional steps if necessary.
"Credit Suisse notes that the consortium is referring to a large number of external sources including those previously known as well as an alleged leak in their reporting. We take this latter allegation very seriously and will continue with our investigations with an internal task force including specialist external experts. We have robust data protection and data leakage prevention controls in place to protect our clients."
Credit Suisse further said: "As a leading global financial institution, Credit Suisse is deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld.
"These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market¬place as a whole, which has undergone significant changes over the last several years.
"In line with financial market reforms across the sector and in Switzerland, Credit Suisse has taken a series of significant additional measures over the last decade, including considerable further investments in combating financial crime. Across the bank, Credit Suisse continues to strengthen its compliance and control framework, and as we have made clear, our strategy puts risk management at the very core of our business."
