Swiss inspector points out Credit Suisse failures to fight corruption involving FIFA and Petrobras

Swiss inspector points out Credit Suisse failures to fight corruption involving FIFA and Petrobras

By John MillerZURICH (Reuters) - Credit Suisse has failed to adequately combat money laundering in suspected corruption cases linked to FIFA and the state oil companies of ...

By John MillerZURICH (Reuters) - Credit Suisse has failed to adequately combat money laundering in suspected corruption cases linked to FIFA and the Venezuelan and Brazilian state oil companies, Swiss watchdog Finma said on Monday, undermining its reputation. Bank.Finma will appoint an independent auditor to oversee the bank's anti-money laundering processes, but has not forced the bank to return any profit it may have made illegally.Finma has no authority to fine the banks it oversees.Switzerland's second-largest bank, behind UBS, also failed in its anti-corruption obligations while managing "a meaningful business relationship" with a politically exposed person, the official said on Monday.Credit Suisse said in a statement that the Swiss oversight agency had discovered "legacy weaknesses", adding that it has acted to improve compliance since CEO Tidjane Thiam took over in place of his predecessor Brady Dougan in March 2015. .Instead of disciplining an executive who has no...


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