Credit Suisse: reprimanded for anti-money laundering process
(CercleFinance.com) - Swiss financial watchdog FINMA said that Credit Suisse must remediate its control systems, after deficiencies in its anti-money laundering processes were found.
Credit Suisse must be able to prove that higher-risk business relationships and transactions are adequately detected, categorised,
monitored and documented, FINMA said in a statement on Monday.
The Swiss financial market supervisory authority said it has now concluded two enforcement procedures against the Swiss bank.
In the first case, FINMA has identified deficiencies in the bank's anti-money laundering due diligence obligations in relation to suspected corruption involving the FIFA, Brazilian oil giant Petrobras and Venezuelan state oil firm PDVSA.
The second procedure relates to a significant business relationship for the bank with a "politically exposed person," FINMA said.
Credit Suisse needs to have implemented the "single client view" for all clients and for all relevant functions by the end of 2019, it added.
FINMA said that it will appoint an independent third party to review the implementation of these measures.
In a press release, Credit Suisse said it has taken several actions to improve and strengthen compliance as part of the bank's restructuring that was initiated in 2015.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Credit Suisse must be able to prove that higher-risk business relationships and transactions are adequately detected, categorised,
monitored and documented, FINMA said in a statement on Monday.
The Swiss financial market supervisory authority said it has now concluded two enforcement procedures against the Swiss bank.
In the first case, FINMA has identified deficiencies in the bank's anti-money laundering due diligence obligations in relation to suspected corruption involving the FIFA, Brazilian oil giant Petrobras and Venezuelan state oil firm PDVSA.
The second procedure relates to a significant business relationship for the bank with a "politically exposed person," FINMA said.
Credit Suisse needs to have implemented the "single client view" for all clients and for all relevant functions by the end of 2019, it added.
FINMA said that it will appoint an independent third party to review the implementation of these measures.
In a press release, Credit Suisse said it has taken several actions to improve and strengthen compliance as part of the bank's restructuring that was initiated in 2015.
Copyright (c) 2018 CercleFinance.com. All rights reserved.