Federal Reserve orders Credit Suisse to strengthen anti-money laundering policies

By Pete Schroeder WASHINGTON (Reuters) - The U.S. Federal Reserve ordered Credit Suisse on Friday to strengthen its anti-money laundering policies after bank examiners found deficiencies in its U.S. operations

Reuters December 23, 2020 00:06:37 IST
Federal Reserve orders Credit Suisse to strengthen anti-money laundering policies

Federal Reserve orders Credit Suisse to strengthen antimoney laundering policies

By Pete Schroeder

WASHINGTON (Reuters) - The U.S. Federal Reserve ordered Credit Suisse on Friday to strengthen its anti-money laundering policies after bank examiners found deficiencies in its U.S. operations.

The order directs the bank to adopt a formal plan to overhaul its policies within 90 days to ensure it is appropriately monitoring for illicit activity, and regularly report to the regulator on its progress.

In a statement, the bank said it was committed to meeting the terms of the order "in a timely and thorough manner," and was already pursuing an "extensive enhancement plan" to its New York operations.

The enforcement order, reached jointly with the New York Department of Financial Services, comes days after Swiss prosecutors charged the bank over alleged failings related to a Bulgarian crime ring accused of laundering cocaine trafficking proceeds. An unnamed former bank manager was also indicted in the Swiss Federal Criminal Court.

Credit Suisse "unreservedly" rejected those allegations, adding it was convinced its ex-employee was innocent and it had improved its operations since the alleged activity took place.

(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.