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Compliance Corner: FINMA, Credit Suisse
Editorial Staff
9 February 2021
Credit Suisse FINMA hasn't imposed any fine on Credit Suisse, neither has it ordered any disgorgement of profits nor any limitation of business activities, as was made clear in 2018.
A report in the Wall Street Journal has said that in 2016 and reviewed by The WSJ, found that Lescaudron’s activities triggered hundreds of alerts in the bank that weren’t fully probed in the 2009-15 period studied. In addition, around a dozen executives or managers in Credit Suisse’s private bank knew Lescaudron was repeatedly breaking rules but turned a blind eye, proposed lenient punishment for his misconduct or otherwise glossed over the issues because he brought in around $25 million in revenue a year, the report found.
“This specific document corresponds to the early stages of a closed legacy case review. Such review did not reveal any facts that would support the criminal complaints against Credit Suisse," a spokesperson told WealthBriefing about the matter.