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.


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

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