Credit Suisse failed to adequately combat money laundering in suspected corruption cases linked to soccer’s ruling body FIFA and Venezuelan and Brazilian state oil companies, Switzerland’s financial watchdog FINMA said on Monday, dealing a blow to the bank’s reputation.
Watchdog FINMA will appoint an independent auditor to oversee the bank’s anti-money laundering processes, but stopped short of forcing it to return any profits that it might have illegally reaped. FINMA has no authority to fine banks it supervises.
Switzerland’s second-biggest bank behind UBS also fell short of its obligations to fight corruption while managing “a significant business relationship” with a politically exposed person, the authority said on Monday.
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