A French court declared Swiss bank UBS AG liable of illegally soliciting customers and laundering the returns of tax evasion, putting a fine of 4.5 billion euros for the company, according to a report published by Reuters

Shares in the Swiss bank fell as much as 3.2% after the decision on Wednesday. UBS, which has denied any bad behavior, said it would appeal the court decision.

“The court can only conclude that (UBS) consistently put its own financial interests over the sovereign rights of the French state,” the court’s president Christine Mee said in her ruling. “Hence, the crimes are exceptionally serious,” she added.

The case demonstrates how French courts are refusing to compromise on money-related misconduct behavior by and large, and tax evasion specifically.

The preliminary will be investigated by European investors who have gone under weight from controllers to fix consistence with tax evasion rules since the financial crisis.

“This is a clear signal to all financial intermediaries: you will be punished severely if you don’t behave,” said banking law professor Thierry Bonneau from Paris Pantheon Assas University. “They will have to be excessively prudent on all these questions of tax fraud.”

The punishments, which surpass the bank’s net benefit a year ago, incorporated a 3.7 billion euro fine and extra harms of 800 million euros to the French state. UBS a month ago announced a 2018 net benefit of $4.9 billion.

“This decision is incomprehensible, we will appeal,” UBS general counsel Markus Diethelm told reporters outside the courtroom. “We have seen no facts and no evidence.”

An appeal could see the case delay for a considerable length of time and the bank won’t need to pay anything until all interests are heard.

The fine applied is a record for France and more than double the $2.46 billion the bank has put aside to cover potential misfortunes from prosecution and administrative necessities.

The bank may need to build its arrangements in the coming weeks, Citi said in a note to speculators and its arrangement to repurchase as much as $1 billion worth of offers this year is in danger, it included.

The French preliminary pursues a comparative case in the United States, where UBS acknowledged a $780 million settlement in 2009, and in Germany, where it consented to a 300 million euro fine in 2014.

The punishment is high by European gauges, in spite of the fact that in the United States judges have required higher fines including the $8.9 billion a U.S. court in 2015 arranged BNP Paribas to pay for abusing U.S. financial assents against Sudan, Cuba and Iran.

The measure of the punishment in the UBS case will push banks to acknowledge settlements in future cases, a standard practice in the United States that is uncommon in France, Bonneau said.

The decision denotes the finish of a seven-year examination and prematurely ended settlement arrangements.

French investigators said UBS sent Swiss investors to golf competitions, established music shows and chasing gatherings to request new customers wrongfully and exhorted them to stop their cash in Switzerland and offered them strategies to shield exercises from the French taxman.

UBS was “systematic” in its help to tax evader clients and that the money laundering of proceeds was done in industrial scale, the investigators had told the court.

UBS’s attorneys have said the arraignment neglected to indicate material proof of explicit instances of customers encouraged to sidestep charge installments.

Under French law, those indicted for illegal tax avoidance can be requested to pay a fine totaling a large portion of the sum washed. The arraignment gauges UBS’s clients concealed billions of euros from the French assessment specialists.

Investigators told the court that UBS’s financiers would hand over business cards with no logo and utilized PCs which conveyed programming enabling information to be immediately eradicated.

Legal advisors for UBS have recently said the case had progressed toward becoming politicized. The bank turned down a settlement offer of 1.1 billion euros.

UBS’s French unit was likewise indicted to pay 15 million euros, while five of the six previous UBS officials charged were given suspended jail terms and fines extending from 50,000 euros to 300,000 euros.

This is not the only case of banks involved in money laundering recently. Recently many cases have been reported for banks laundering money or being involved in fraud schemes:

Deutsche Bank Which Constantly Criticizes Bitcoin is being investigated For Money Laundering

Nordea Bank Caught For Money Laundering After Banning Bitcoin

Credit Suisse ex-employees arrested for a 2 billion dollar fraud scheme

EX JP Morgan Trader Pleads Guilty to Spoofing on Precious Metals Market

While we hear consistent rhetoric against bitcoin and cryptocurrencies in general, the ones who lead this rhetoric are being caught doing criminal things.

As Pomp says “Long Bitcoin, Short the Bankers.”