Credit Suisse gets compliance warning from Fed

Tuesday, 22. December 2020 17:26

The United States Federal Reserve Board said on Tuesday it is giving Credit Suisse 90 days to come up with written plans to better its compliance risk management after the central bank found deficiencies in its 2019 compliance review.

The Fed stressed that the bank needs to make sure all of its US entities operate comply with federal and state laws as well as supervisory actions.

Flaws in the review are particularly related to Credit Suisse's compliance with the Bank Secrecy Act (BSA), which is commonly known as the Anti-Money Laundering (AML) law. Furthermore, the Fed ordered Credit Suisse to submit a new customer due dilligence program, new suspicious activity monitoring and reporting rules, branch compliance independent testing plans as well as regular progress reports.

Related Links: Credit Suisse Group
Author:
Breaking the News / VP