Credit Suisse showed serious “deficiencies” in its efforts to prevent money laundering when dealing with FIFA, Brazilian oil giant Petrobras and Venezuela’s state energy company, Switzerland’s financial watchdog said Monday.
Swiss regulator FINMA announced the findings following an investigation that looked at Credit Suisse’s conduct from 2006 to 2016.
In addition to shortcomings regarding FIFA and the two oil firms, the probe also blasted Credit Suisse for shortcomings in its oversight of a high-profile money manager who exposed clients to excessive risk.
The money manager was not named in the probe, but the Bloomberg news agency has identified him as Patrice Lescaudron, who was sentenced to five years in prison in February by a Geneva court over a raft of illegal trades.
In a statement, Credit Suisse acknowledged FINMA’s findings but stressed that most of the purported missteps occurred before 2014 and that the bank has since taken measures to beef up its compliance systems.
