By Aaron Nicodemus2023-12-29T16:04:00
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.
Credit Suisse admitted liability as part of the settlement and paid the fine, the MAS said.
2023-11-27T19:38:00Z By Aaron Nicodemus
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
2023-11-06T17:26:00Z By Kyle Brasseur
The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
2023-10-20T16:28:00Z By Aaron Nicodemus
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
2025-09-05T18:10:00Z By Aaron Nicodemus
Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
2025-09-04T17:31:00Z By Adrianne Appel
The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
2025-09-03T17:43:00Z By Adrianne Appel
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
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