17/09/2018 • The Wall Street Journal

Swiss Regulator Slams Credit Suisse Over Compliance Failures

Credit Suisse AG was deficient in its anti-money laundering compliance processes regarding its relationships with the world soccer governing body and the Brazilian and Venezuelan state-oil firms, Swiss financial regulator Finma said Monday.

Shortcomings involving FIFA, Petroleos de Venezuela SA and Petroleo Brasiliero SA occurred repeatedly over the years, Finma said, but mainly before 2014. Credit Suisse, in all three cases, failed to properly identify the client, determine its beneficial owner, categorize the relationship has high-risk, perform enhanced due diligence or document its efforts, Finma said.

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