- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-20T18:14:00
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank (SNB) failed to stabilize Credit Suisse’s rapidly declining finances.
UBS, Switzerland’s largest bank, announced Sunday it will purchase the country’s second-largest bank for 3 billion Swiss francs (U.S. $3.2 billion). Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, UBS said. The merger is expected to be completed by the end of the year, Credit Suisse said in a statement.
The deal was approved by the SNB and the Swiss Financial Market Supervisory Authority (FINMA) after Credit Suisse suffered a “crisis of confidence” as depositors raced to withdraw their funds from the bank, the regulators said in a joint statement.
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Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
