CS sentenced to a small fine in Singapore
Published: Thursday, Dec 28th 2023, 08:10
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UBS subsidiary Credit Suisse has to pay a small fine in Singapore. This relates to misconduct by client advisors (relationship managers).
The Singapore Financial Market Authority (MAS) announced on Thursday that it has imposed a civil penalty of 3.9 million Singapore dollars (around CHF 2.5 million) on Credit Suisse. The bank had failed to prevent or detect misconduct by its client advisors in the Singapore branch.
According to MAS, the advisers had provided inaccurate or incomplete post-trade information to their clients, resulting in spreads being charged on 39 over-the-counter (OTC) bond trades that were higher than the bilaterally agreed rates.
The period of time to which the misconduct relates is not mentioned in the MAS notification.
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