Singapore Fines Credit Suisse for Bankers' Misconduct
December 27 2023 - 11:28PM
Dow Jones News
By Jiahui Huang
Singapore imposed a penalty of 3.9 million Singapore dollars
(US$3.0 million) on Credit Suisse for failing to prevent or detect
misconduct by its relationship managers.
Credit Suisse bankers in Singapore had provided customers with
inaccurate or incomplete post-trade disclosures, which led to
clients being charged spreads above bilaterally agreed rates for 39
over-the-counter bond transactions, the Monetary Authority of
Singapore said in a statement on Thursday.
The MAS said its review of pricing and disclosure practices in
the private-banking industry found that Credit Suisse had failed to
implement adequate controls to prevent or detect the bankers'
misconduct.
Credit Suisse has admitted liability, paid the fine and
separately compensated affected clients, it said.
"We are pleased to resolve this past matter with the MAS
following a series of independent reviews," a Singapore-based
Credit Suisse spokesperson said. The bank has taken steps to
enhance its policies, procedures and controls to mitigate any
recurrence, the spokesperson said.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
December 28, 2023 00:13 ET (05:13 GMT)
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