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WASHINGTON (Sputnik) – The Federal Reserve has directed Credit score Suisse to strengthen its anti-money laundering insurance policies after considerations emerged about buyer dangers within the Swiss banking group’s operations in the USA, a written settlement between the 2 events revealed on Tuesday.
The settlement confirmed that Credit score Suisse had been advised to extend oversight on “risk-based insurance policies, procedures, and processes to assemble and analyze buyer data commensurate with the client’s threat profile,” significantly with “classes of shoppers that pose a better threat of cash laundering or terrorist financing.”
The enforcement order, reached collectively with the New York Division of Monetary Providers, comes within the aftermath of prices filed by Swiss prosecutors towards Credit score Suisse for allegedly failing to forestall the laundering of cocaine trafficking proceeds by a Bulgarian crime ring.
Credit score Suisse, responding to the costs, stated it unreservedly rejected the allegations. A former worker of the financial institution has additionally been indicted over the matter within the Swiss Federal Prison Court docket.