Credit Suisse Slapped With $3M Fine By Singapore In Effort To Curb Financial Malpractices – UBS Gr (NYSE:UBS)

In a move aimed at curbing financial malpractices, Credit Suisse has been hit with a $3 million penalty by the Monetary Authority of Singapore (MAS). The bank’s relationship managers were found to be negligent in preventing or detecting misconduct within the institution.

What Happened: Credit Suisse was found guilty of failing to provide its clients in Singapore with full and accurate post-trade disclosures. This failure resulted in overcharging clients for 39 over-the-counter bond transactions, reported Bloomberg.

Investigations by MAS found that Credit Suisse lacked adequate controls, such as post-trade monitoring, to prevent or detect such misconduct. The bank, which is currently under the control of UBS Group AG UBS, has since compensated the affected clients and paid the penalty.

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Credit Suisse, in a statement, acknowledged the resolution with MAS and confirmed that it had refunded the affected clients. It has also stated that it has enhanced its policies and procedures to avoid such incidents in the future.

Why It Matters: The penalty comes on the heels of a series of financial troubles for Credit Suisse. The bank, a subsidiary of UBS, posted a loss of $4 billion for the second quarter of 2023, in line with forecasts issued in April.

Moreover, just months after the takeover by UBS Group, Credit Suisse was subjected to a money-laundering probe by Singapore authorities. This investigation, focusing on Chinese nationals laundering money through private banks in the city-state, unearthed around $2 billion in seized assets.

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