If only all red flags were this easy to spot

Credit Suisse became the first domestic bank ever to be found guilty of a corporate crime by Swiss authorities, after a court ruled Monday that the lender failed to stop money laundering carried out by a Bulgarian crime ring responsible for bringing tons of cocaine into Europe.

🏦 More deets… The case centered around millions of euros deposited into Credit Suisse by a group of Bulgarian clients from 2004-08.

• Judges ruled that in accepting their deposits, the bank ignored obvious red flags – including huge amounts of cash and the assassinations of two clients – that signaled a possible criminal origin to the funds.
• Credit Suisse was ordered to pay ~$21 million for its role in laundering the money, while a former relationship manager at the bank (ex-tennis star Elena Pampoulova-Bergomi) was handed a 20-month suspended prison sentence.

📸 The big picture: Taping cash to your body to make it through the airport = out, anti-money laundering = in. Many Swiss lenders have been adopting tougher policies in the face of an international regulatory crackdown, Reuters reports.