Credit Suisse Must Bolster Anti-Money Laundering Checks After Falling Short
September 17 2018 - 3:47AM
Dow Jones News
By Pietro Lombardi
Credit Suisse Group AG (CSGN.EB) must bolster its anti-money
laundering processes after Switzerland's financial regulator said
the bank fell short in its dealings with South American oil
companies and FIFA, the world's top governing body for soccer.
"Finma identified deficiencies in the bank's adherence to
anti-money laundering due diligence obligations in relation to
suspected corruption" involving FIFA, Brazil's Petroleo Brasileiro
SA (PBR) and Venezuela's Petroleos de Venezuela SA, Swiss regulator
Finma said Monday.
The authority ordered the Swiss banking giant to strengthen its
anti-money laundering processes and said it would appoint an
independent third party to monitor implementation. Finma stopped
short of imposing a fine while acknowledging "some substantial"
improvements in Credit Suisse's money-laundering controls and its
cooperation.
In another procedure, Finma also found shortcomings in the
bank's relations with a "politically exposed person."
"We are grateful to FINMA for its acknowledgement of the
improvements that have been made to our compliance and control
framework over the last few years and of the additional measures
already planned by the bank," Credit Suisse said in a
statement.
The findings are "part of an ongoing review of legacy cases
across the Swiss banking sector," it added, noting that the cases
originated between 2006 and 2014.
"FINMA has not imposed any fine on Credit Suisse, not ordered
any disgorgement of profits nor any limitation of business
activities," the bank said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
September 17, 2018 03:32 ET (07:32 GMT)
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