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Swiss regulator opens enforcement case against Credit Suisse

The proceedings come after an auditor hired by Finma in December 2019 completed its investigation into Credit Suisse’s corporate governance practice.

Swiss regulator opens enforcement case against Credit Suisse

The Swiss Financial Market Supervisory Authority has initiated enforcement proceedings against Credit Suisse as part of its inquiry into the spying scandal that rocked the wealth management giant.

The proceedings come after an auditor hired by Finma in December 2019 completed its investigation into Credit Suisse’s corporate governance practice. 

Finma said it ‘will pursue indications of violations of supervisory law in the context of the bank’s observation and security activities and in particular the question of how these activities were documented and controlled.’

The regulator will inform the public about the conclusion of the enforcement proceedings, which can typically take several months.

Credit Suisse said its board of directors and executive board can unequivocally affirm that the observation of employees is not part of the bank’s culture. 

‘Credit Suisse will continue to fully cooperate with Finma and is determined to support the effort to ensure a complete and expeditious conclusion of the review of this episode and incorporate lessons learned,’ the bank said. 

Former Credit Suisse CEO Tidjane Thiam was ousted after the espionage scandal hit the bank’s reputation. It involved private investigators spying on former wealth management CEO Iqbal Khan, who is now with UBS. 

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