Credit Suisse criticised for dealing with 1MDB.
Global Banking News-May 30, 2017--Credit Suisse criticised for dealing with 1MDB
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Global Banking News - 30 May 2017
The Swiss financial watchdog has reprimanded Credit Suisse (NYSE: CS) for its dealings with 1MDB, the Malaysian state fund mired in a money laundering controversy.
The watchdog, FINMA, officially reprimanded Credit Suisse after the firm drew criticism from various quarters for its involvement with the Malaysian fund.
FINMA said, 'During the investigations, it was not established that the bank had committed any systematic breaches of supervisory law. FINMA did, however, send the bank a written reprimand for shortcomings in its money-laundering processes.'
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