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Singapore penalizes Credit Suisse over banker fraud

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(Bloomberg) – Singapore has fined Credit Suisse S$3.9 million ($3 million) for failing to prevent or detect fraud by relationship managers in the city-state.

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The Monetary Authority of Singapore said in a statement on Thursday that bankers provided inaccurate or incomplete post-trade disclosures to customers, resulting in customers receiving spreads above bilaterally agreed rates on 39 over-the-counter bond transactions. announced that he had been charged. MAS said the action against Credit Suisse follows a review of pricing and disclosure practices in the private banking industry.

The regulator said its investigation revealed that Credit Suisse did not have adequate controls in place, such as post-trade monitoring, to prevent or detect banker fraud.

The bank paid the fine and separately compensated affected customers, it added. MAS said in a statement that the company has strengthened its internal controls since being acquired by Swiss rival UBS Group.

“Following a series of independent reviews, Credit Suisse is pleased to have resolved this past issue with MAS,” Credit Suisse said in an emailed statement.

“We have since issued refunds to affected customers, but they were limited to a small portion of the bank’s order processing system,” the bank said. “We have taken steps to strengthen our policies, procedures and controls to help mitigate a recurrence.”

(Updates with statement from Credit Suisse in last two paragraphs)

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