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The U.S. Federal Reserve ordered Credit Suisse Group AG on Friday to strengthen its anti-currency policies after bank analysts found deficiencies in U.S. operations.
PHOTO FILE: The Swiss Bank of Credit Suisse logo is on display at a branch office in Bern, Switzerland 28 October 2020. REUTERS / Arnd Wiegmann
WASHINGTON – The U.S. Federal Reserve ordered Credit Suisse on Friday to strengthen its anti-currency policies after bank analysts found deficiencies in U.S. operations.
The order requires the bank to adopt a formal plan to review its policies within 90 days to ensure that it is properly monitoring illegal activity, and reporting regularly inform the regulator of its progress.
In a statement, the bank said it was committed to meeting the terms of the order “in a timely and accurate manner,” and was already following a “comprehensive development plan”. their jobs in New York.
The rape order, reached with the New York Department of Financial Services, comes days after Swiss prosecutors accused the bank of prosecution failures related to a Bulgarian criminal ring. who are accused of launching cocaine trade money. A former anonymous bank manager has also appeared in the Swiss Federal Criminal Court.
Credit Suisse “recklessly” denied these allegations, saying it was convinced its employee was innocent and that it had improved what it had done since the alleged activity took place.
(Reciting with Pete SchroederEditing with Chizu Nomiyama)