Switzerland's financial regulator sanctioned Credit Suisse for violating money-laundering rules in a series of scandals including FIFA and Venezuela's state-backed oil firm.

Bern-based Finma said on Monday it concluded two separate enforcement procedures against Credit Suisse involving cases as recent as 2016. The conclusion: Credit Suisse's methods for dealing with cases of suspected money-launderers was rickety and inept for years.

Finma said most violations happened before 2014, and an above-average number emanated from Clariden Leu, a boutique bank subsidiary which Credit Suisse fully integrated six years ago. 

Brazil, Venezuela, Sports

The laundry list of violations ticked off by Finma hits home that Credit Suisse has stumbled over some of the biggest current scandals in Swiss banking: FIFA, the world's governing soccer body; Brazilian state-controlled oil firm Petrobras; and PDVSA, Venezuela's state oil company.

«Finma has decreed measures to further improve anti-money laundering processes and to accelerate the implementation of steps already initiated by the bank,» the regulator said. Credit Suisse acknowledged the shortcomings, and said it has launched various initiatives since 2015 to address them, in a statement on Monday.

Risky Client

Finma said Credit Suisse came up short in spotting the suspected corruption in the prominent cases. A separate investigation on a politically exposed individual who is meant to command extra regulatory attention from banks, found the bank's anti-money laundering process failed, as did control mechanisms and risk management.

The PEP client affords the most illustrative view of what Credit Suisse did wrong: Finma said the bank was «too slow» in identifying him or her as potentially more risky, and failed in due diligence and documentation including investigation and plausibility checks on the client and their transactions.

Poor Management

The PEP's business was taken care of by a hugely successful private banker – who has since been criminally convicted. The banker broke Credit Suisse's compliance rules repeatedly and on record for years, Finma said.

Instead of being disciplined, Credit Suisse «rewarded him with high payments and positive employee assessments,» the regulator said in rebuking the bank's supervision.