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ZURICH (Reuters) – Credit Suisse will be overseen by an independent observer after failing to fight corruption in FIFA cases
In addition, the Swiss authority has determined that Credit Suisse does not comply with its obligation to combat money laundering while managing "a significant business relationship for the bank with a politically exposed person", said FINMA in a statement.
Instead of successfully disciplining a relationship manager who has repeatedly broken the bank's compliance rules for years, FINMA said Credit Suisse rewarded it with high payments and positive ratings.
FINMA has taken steps to improve the anti-money laundering process.
He also stated that he was setting up an independent monitor to ensure that Credit Suisse followed and would prevent the recurrence of incidents such as those on which FIFA, the Brazilian oil company Petrobras and the Venezuelan oil company Petróleos de Venezuela were books.
"The gaps identified have occurred several times for several years, mainly before 2014," said FINMA. "An above-average number of defects has been discovered in the commercial relationships opened by the former group subsidiary, Clariden Leu AG."
In response, the Zurich-based bank said the FINMA probes had discovered "legacy weaknesses", adding that it had already taken steps to improve compliance.
Credit Suisse has also stated that it has not been fined or ordered to repay the profits.
"Implementing a growth culture in line with Credit Suisse is our highest priority and it's an individual and collective responsibility that we take very seriously," the bank said.
"We will continue to work closely with FINMA to carry out the changes underway and implement additional measures," the statement added.
(Report by John Miller, edited by Maria Sheahan)
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