The Monetary Authority of Singapore (MAS) imposed a 3.9 million Singapore dollars (U.S. $3 million) penalty on Credit Suisse for failing to detect misconduct by relationship managers at its Singapore branch.
The fine, announced Thursday, was levied after the MAS found Credit Suisse relationship managers provided false or incorrect information, or omitted key information, to private banking clients in post-trade disclosures affecting 39 over-the-counter bond transactions. The misconduct was discovered during an MAS review of pricing and disclosure practices in the private banking industry.
