CREDIT SUISSE FOUND LACKING IN FIGHT AGAINST MONEY LAUNDERING

Swissinfo on 17th September reported that Swiss bank Credit Suisse has failed to meet its obligations to prevent money laundering, says FINMA, Switzerland’s financial supervisory authority.  The misconduct is related to the alleged corruption cases around FIFA, world football’s governing body, and the oil companies Petrobas and PDVSA.  Another case involves a significant business relationship with a politically exposed person (PEP).  In 2 enforcement proceedings against the major bank, FINMA found deficiencies in the due diligence measures required for banks to comply with AML regulations.  FINMA has taken measures to improve the AML policy and to ensure that the bank implements steps more quickly.  An independent representative will review the implementation and impact of the measures.

https://www.swissinfo.ch/eng/dirty-money_credit-suisse-found-lacking-in-fight-against-money-laundering/44403668?src=ilaw

http://www.mondovisione.com/media-and-resources/news/finma-finds-deficiencies-in-anti-money-laundering-processes-at-credit-suisse/

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: