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Release Date: 19th October 2021

To access the original FCA document, click here.


Credit Suisse International, Credit Suisse Securities (Europe) Ltd, and Credit Suisse AG (collectively “Credit Suisse”) were fined £147,190,200 by the Financial Conduct Authority (FCA) on 19 October 2021. The fine was imposed due to significant failures in managing financial crime risks related to their Emerging Markets business, particularly in relation to two infrastructure projects in Mozambique involving loans exceeding $1.3 billion. These loans facilitated bribery and corruption, exacerbated by inadequate financial crime controls, due diligence failures, and the acceptance of kickbacks by senior Credit Suisse employees.

Key Takeaways for Firms:

In conclusion, the FCA’s action against Credit Suisse underscores the critical importance of rigorous financial crime controls, diligent risk assessment, and robust management oversight. Firms must prioritise these areas to maintain integrity and avoid severe regulatory penalties.

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