The greatest breach came from a prominent Swiss bank, and it contained information on more than 18,000 bank accounts with a combined value of more than $100 billion.
International media investigations based on a big data breach have suggested that Credit Suisse handled billions of dollars in illicit money for decades, the latest blow for Switzerland's second-largest bank in the wake of the Panama Papers leak.
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It was revealed on Sunday that the bank had more than 7 billion euros ($8 billion) in accounts of criminals, dictators, human rights abusers, and businessmen who had been sanctioned by the United Nations. The investigation was conducted by a group comprised of dozens of media organizations and published on Monday.
"Allegations and insinuations" were rejected by Credit Suisse, which stated in response that many of the concerns presented were historical in nature, with some stretching back more than seven decades.
The bank's stock, which had already come under pressure following a succession of risk-management errors and a large 2021 loss, was predicted to be 1.8 percent down in premarket trading.
"Suisse Secrets" was launched more than a year ago when an anonymous source sent bank data to the German newspaper Suddeutsche Zeitung, according to the Organized Crime and Corruption Reporting Project (OCCRP), a non-profit media organization.
The information, which covered accounts with a combined value of $100 billion at their peak, was sifted through by 48 media sites around the world, including The New York Times, Le Monde, and The Guardian.
According to the findings of the inquiry, accounts identified as problematic had assets totaling more than $8 billion.
In addition to the accounts owned by a Yemeni espionage chief suspected in torture, the sons of an Azerbaijani strongman, a Serbian drug lord, and Venezuelan bureaucrats accused of stealing the country's oil fortune were among those exposed.
According to the OCCRP, it was the greatest leak ever from a major Swiss bank.
According to the OCCRP, the breach contained information on more than 18,000 bank accounts, many of which "were still active far into the 2010s" after being compromised.
According to a statement sent by the firm on Sunday, "Credit Suisse categorically denies the claims and insinuations made against the bank about its claimed business operations."
According to the report, "the matters presented are predominantly historical in nature, with some cases dating back to the 1940s, and the accounts of these matters are based on incomplete, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank's business conduct."
According to the bank, over 90 percent of the accounts investigated had been closed – or were in the process of being closed – before the press approached the institution, and more than 60 percent had been closed prior to 2015.
"As far as the other active accounts are concerned, we are confident that necessary due diligence, reviews, and other control-related actions were completed in accordance with our existing structure," the statement continued. "We will continue to investigate the situation and take any additional actions that may be necessary."
Credit Suisse's efficacy and dedication to satisfying its obligations, according to the OCCRP, are called into question by a statement on its website.
According to the report, the probe discovered hundreds of "dubious characters" in the data, including some who were tied to government figures and others who were not.
Accounts with Credit Suisse were held by the sons of former Egyptian President Hosni Mubarak and Jordanian King Abdullah II, according to the company's public disclosure.
According to the OCCRP, when questioned why there were so many of these accounts, present and former Credit Suisse workers described a work culture that encouraged staff to take risks in order to maximize profit margins.
Paul Radu, co-founder of the Organized Crime and Corruption Research Project, said in a statement: "I've seen far too many criminals and corrupt politicians who can afford to continue doing business as usual, no matter what the circumstances, because they know that their ill-gotten gains will be kept safe and always within their reach."
SOURCE: NEWS AGENCIES
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