Switzerland's second-largest bank is poaching an anti-corruption expert from Goldman Sachs. The moves comes as Credit Suisse faces scrutiny for its anti-money laundering measures.
Credit Suisse is hiring compliance veteran Mark Taylor (pictured, at left). Taylor is a 20-year veteran of Goldman Sachs, where he holds the rank of managing director as is responsible for combating financial crime in Europe, Africa, and the Middle East. His specialty is corruption money, according to British website «Financial News».
He will slot into roughly the same job at the Swiss bank, as well as examine Credit Suisse's trading and investment banking arm globally together with current head, Valerie-Leila Jaber. He will report to Sterling Daines, head of the bank's financial crime compliance.
Finma Sanction
Taylor's hire comes weeks after Switzerland's financial regulator Finma sanctioned Credit Suisse for violating money-laundering rules in its dealings with Brazil's Petrobras and Venezuela's state-backed oil firm, PDVSA, as recently as two years ago.
Finma didn't claw back profits by Credit Suisse, but ordered the bank to roll out «single client view» by the end of next year. Credit Suisse is also getting an outside monitor to ensure that the bank follows through.
