UBS - Credit Suisse Slapped With $3M Fine By Singapore In Effort To Curb Financial Malpractices | Benzinga
In a move aimed at curbing financial malpractices, Credit Suisse has been hit with a $3 million penalty by the Monetary Authority of Singapore (MAS). The bank’s relationship managers were found to be negligent in preventing or detecting misconduct within the institution.
What Happened: Credit Suisse was found guilty of failing to provide its clients in Singapore with full and accurate post-trade disclosures. This failure resulted in overcharging clients for 39 over-the-counter bond transactions, reported Bloomberg.
Investigations by MAS found that Credit Suisse lacked adequate controls, such as post-trade monitoring, to prevent or detect such misconduct. The bank, which is currently under the control of UBS Group AG (NYSE:UBS), has since compensated the affected clients and paid the penalty.
Credit Suisse, in a statement, acknowledged the resolution with MAS and confirmed that ...