Credit Suisse ordered to fix deficiencies in anti-money laundering controls

Thursday 24 December 2020 09:41 CET | News

The Federal Reserve has ordered Credit Suisse‘s US division to tighten its compliance programs after finding ‘deficiencies’ in the oversight of money laundering.

Credit Suisse must submit a written plan to the Fed and the New York Department of Financial Services within 90 days to improve compliance with the Bank Secrecy Act and Anti-Money Laundering Rules (BSA/AML) and to bolster risk management generally, according to Financial Crime News.

According to the agreement, the Swiss bank must undertake a review of all business lines, ensure accurate and comprehensive customer and transaction data, and line up adequate personnel and procedures for elevating concerns.

Credit Suisse said it was ‘satisfied’ it had reached an agreement and is ‘convinced it will develop a program that meets the requirements of the Fed and DFS’ and which builds on improvements that have already been made, the online publication added.

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Keywords: Federal Reserve, Credit Suisse, money laundering, compliance, BSA, AML, US
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech