Credit Suisse has been slammed by the Swiss banking watchdog for “deficiencies” in its anti-money laundering procedures in connection with suspected corruption at football body FIFA.
Swiss Financial Market Supervisory Authority (Finma) said today it had concluded two enforcement procedures against the bank.
The first uncovered “deficiencies in the bank’s adherence to anti-money laundering due diligence obligations” in connection with suspected corruption involving Fifa, Brazilian oil company Petrobras and Venezuelan oil company Petroleos de Venezuela.
The second case involved a significant business relationship for the bank with a “politically exposed person”.
In this case Finma said it had identified anti-money laundering deficiencies as well as shortcomings in the bank's risk management and control mechanisms.
Finma has asked the bank to take measures to improve its anti-money laundering processes and to accelerate the implementation of steps the bank has already taken.
It said it will commission a third party auditor to monitor the implementation and effectiveness of the measures.
In a statement the bank said: “Credit Suisse has taken note of today’s announcement by Finma and acknowledges the conclusions it has reached regarding our bank.”
It added: “In concluding its review, Finma has identified a number of deficiencies noted during that period and has asked us to continue and to intensify the actions we are already taking to address those deficiencies.”
And said: “We have noted that as a result of this review, Finma has not imposed any fine on Credit Suisse, not ordered any disgorgement of profits nor any limitation of business activities.”