FINMA initiated enforcement proceedings against Credit Suisse in 2016 and appointed an investigator to establish the facts. The investigator issued a detailed report which was published on the CS Victims website but thereafter removed due to legal action taken by Credit Suisse.
FINMA identified deficiencies in the anti-money laundering process, as well as shortcomings in the Credit Suisse’s control mechanisms and risk management.
FINMA established that the Bank had failed to adequately record, contain and monitor the risks arising from the convicted Relationship Manager’s criminal activities over a number of years.
The Relationship Manager in question – who was very successful in terms of fees and commissions generated for Credit Suisse by his illegal activities – breached the Bank’s compliance regulations repeatedly and on record over a number of years. However, instead of disciplining the Relationship Manager promptly and proportionately, Credit Suisse rewarded him with high payments and positive employee assessments. The supervision of the relationship manager was inadequate due to this special status.
FINMA’s press release can be viewed at https://www.finma.ch/en/news/2018/09/20180917-mm-gwg-cs/.
For further information, please visit the News section to view the media reports.