The Trader 

Market Outlook: Credit Suisse fails its duties

The Trader

This morning Reuters reports that Swiss regulator FINMA has decided that Zurich-based banking giant Credit Suisse will be overseen by an independent monitor because it has failed to combat corruption.  Cases linked to football’s FIFA, Brazil’s Petrobras and Venezuela’s state oil company were cited.  They also noted that the bank fell short in the fight against money laundering and not only carried out a significant business relationship with ‘a politically exposed person’ but, instead of disciplining the relationship manager for repeatedly breaching compliance regulations for years, it rewarded him with high payments and positive reviews.

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