Singapore Fines Credit Suisse for Bankers' Misconduct

By Jiahui Huang

Singapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers.

Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.

The MAS said its review of pricing and disclosure practices in the private-banking industry found that Credit Suisse had failed to implement adequate controls to prevent or detect the bankers' misconduct.

Credit Suisse has admitted liability, paid the fine and separately compensated affected clients, it said.

"We are pleased to resolve this past matter with the MAS following a series of independent reviews," a Singapore-based Credit Suisse spokesperson said. The bank has taken steps to enhance its policies, procedures and controls to mitigate any recurrence, the spokesperson said.

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

December 28, 2023 00:13 ET (05:13 GMT)

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