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FINMA finds deficiencies in AML processes at Credit Suisse

Jaclyn Jaeger | September 17, 2018

The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse.

In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering (AML) due diligence obligations in relation to suspected corruption involving the International Federation of Association Football (FIFA); Brazilian oil corporation Petrobras; and the Venezuelan oil corporation Petróleos de Venezuela, S.A. (PDVSA).

The second procedure relates to a significant business relationship for the bank with a politically exposed person (PEP). In this instance, too, FINMA said it identified deficiencies in the anti-money laundering process, as well as shortcomings in the bank's control mechanisms and risk management. FINMA has decreed measures to further improve anti-money laundering processes and to accelerate the implementation of steps already initiated...

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