Credit Suisse said suspected by Geneva prosecutors of systematically neglecting basic compliance rules

A Credit Suisse unit is suspected by Geneva prosecutors of systematically neglecting basic compliance rules and failing to prevent alleged money-laundering by a Turkish asset manager it worked with.

Bloomberg News reports that the bank was named as an “accused,” suspected of wrongdoing under articles of the Swiss criminal code that cover money-laundering offenses and corporate liability as the investigation into the affair widened in November, according to a spokesman for the Geneva prosecutor’s office.