Credit Suisse: Swiss regulator opens enforcement proceedings
(CercleFinance.com) - Switzerland's markets watchdog has said that it has initiated enforcement proceedings against Credit Suisse to throw light on the wealth manager's so-called "observation" activities.
In late 2019, the Swiss Financial Market Supervisory Authority (FINMA) appointed an independent auditor to investigate Credit Suisse, saying that the observation activities carried out by the bank raised "various compliance issues."
With the auditor's investigation now complete, the FINMA has decided to open enforcement proceedings against the bank, in which it will pursue indications of violations of supervisory law.
In particular the financial regulator wants to know how Credit Suisses's observation and security activities have been documented and controlled.
Such proceedings could take several months, the FINMA said.
In a statement, Credit Suisse said it will continue to fully cooperate with Finma, and unequivocally affirmed that the observation of employees is "not part of (its) culture."
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In late 2019, the Swiss Financial Market Supervisory Authority (FINMA) appointed an independent auditor to investigate Credit Suisse, saying that the observation activities carried out by the bank raised "various compliance issues."
With the auditor's investigation now complete, the FINMA has decided to open enforcement proceedings against the bank, in which it will pursue indications of violations of supervisory law.
In particular the financial regulator wants to know how Credit Suisses's observation and security activities have been documented and controlled.
Such proceedings could take several months, the FINMA said.
In a statement, Credit Suisse said it will continue to fully cooperate with Finma, and unequivocally affirmed that the observation of employees is "not part of (its) culture."
Copyright (c) 2020 CercleFinance.com. All rights reserved.