- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-01T17:26:00
Poor risk management by Credit Suisse’s asset management company kept the Swiss bank mostly unaware of the risky nature of lending procedures used by financier Lex Greensill that would lead to the collapse of his supply chain startup, according to Switzerland’s Financial Market Supervisory Authority (FINMA).
Credit Suisse’s asset management company had little knowledge or control over securitized claims made by Greensill on behalf of four Credit Suisse funds from 2017-21. In addition, the bank did not have any insight or control over insurance coverage made in its name for those claims, FINMA said.
As a result, Credit Suisse breached its supervisory obligations regarding its risk management practices and was ordered by FINMA on Tuesday to implement remedial measures to address the shortcomings.
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Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.
Credit Suisse Securities agreed to pay $900,000 to settle charges levied by the Financial Industry Regulatory Authority regarding reporting and supervision lapses.
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