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Credit Suisse Has 90 Days To Revise Due Diligence Program For The Fed

Credit Suisse
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EDITOR NOTE: If you follow banking industry news, you’re probably aware of how Credit Suisse got slapped a bunch of fines for failing to comply with US Anti-Money Laundering (AML) operations. The latest order from the Federal Reserve just came days after Swiss regulators charged the bank for its alleged involvement in laundering money for a Bulgarian crime ring that trafficked cocaine. Credit Suisse rejected those allegations, but in the case of the Fed and FINRA, it decided to settle. These are large and supposedly “respectable” banks. They do what they do for profit--whether it’s cheating customers outright like Wells Fargo, laundering cartel money like HSBC and Credit Suisse, or manipulating markets like JP Morgan Chase. Banks are necessary for day-to-day operations. But in the end, none of them are to be trusted, unless, that is, you’re an illicit operator aiming to launder your funds.

The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below:

Credit Suisse Group AG, Zurich, Switzerland; Credit Suisse AG, Zurich, Switzerland; Credit Suisse Holdings (USA), Inc., New York, New York; and Credit Suisse AG, New York Branch, New York, New York
Written Agreement dated December 22, 2020

Enforcement actions can be searched for here.

For media inquiries, call 202-452-2955.

Originally posted at the FederalReserve.gov

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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