Credit Suisse Must Bolster Anti-Money Laundering Checks After Falling Short

   By Pietro Lombardi 
 

Credit Suisse Group AG (CSGN.EB) must bolster its anti-money laundering processes after Switzerland's financial regulator said the bank fell short in its dealings with South American oil companies and FIFA, the world's top governing body for soccer.

"Finma identified deficiencies in the bank's adherence to anti-money laundering due diligence obligations in relation to suspected corruption" involving FIFA, Brazil's Petroleo Brasileiro SA (PBR) and Venezuela's Petroleos de Venezuela SA, Swiss regulator Finma said Monday.

The authority ordered the Swiss banking giant to strengthen its anti-money laundering processes and said it would appoint an independent third party to monitor implementation. Finma stopped short of imposing a fine while acknowledging "some substantial" improvements in Credit Suisse's money-laundering controls and its cooperation.

In another procedure, Finma also found shortcomings in the bank's relations with a "politically exposed person."

"We are grateful to FINMA for its acknowledgement of the improvements that have been made to our compliance and control framework over the last few years and of the additional measures already planned by the bank," Credit Suisse said in a statement.

The findings are "part of an ongoing review of legacy cases across the Swiss banking sector," it added, noting that the cases originated between 2006 and 2014.

"FINMA has not imposed any fine on Credit Suisse, not ordered any disgorgement of profits nor any limitation of business activities," the bank said.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

September 17, 2018 03:32 ET (07:32 GMT)

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