Credit Suisse Denies Foul Play Following Leakage of Client Data

Global investment bank and financial service provider Credit Suisse AG (SWX: CSGN) has come out to deny any wrong doings following a leak of data on thousands of accounts held by the bank in the past decades. This comes after multiple media houses started publishing coordinated Panama paper style investigations of the data leak.

According to the information leaked an individual, the data leaks ranges from account held by the company from 1940s to 2010s. Among the allegations included accusations that the bank’s clients comprised human rights abusers and business people who had been placed under sanctions.

Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices. The matters presented are predominantly historical 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,” said Credit Suisse.

According to New York Times, the leaked data covered over 18,000 accounts which collectively held over $100 million. The bank says it has received numerous inquiries in the past few weeks and it has reviewed many of the accounts in question.

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,” added Credit Suisse.

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