The Swiss bank has 90 days to fill gaps in its arsenal against money laundering following a sanction from a U.S. banking overseer.
Hot on the heels of a surprising Swiss criminal investigation, Credit Suisse emerged in the crosshairs of U.S. regulatory scrutiny for alleged money laundering as well. The U.S. Federal Reserve imposed a 90-day deadline for the Zurich-based bank to improve its weaponry against illicit money making its way into the financial system through its accounts, in an enforcement released late on Tuesday.
The Fed said it had «identified deficiencies in Credit Suisse USA's compliance risk management program, including deficiencies with the Banking Secrecy Act/anti-money laundering compliance function.» The bank is due to report back to the Fed on improvements it is planning to its organization.
Credit Suisse told «Reuters» that is is rolling out an «extensive enhancement plan» to the anti-money laundering practice at its New York branch, which the enforcement action targets. These measures largely address the requirements imposed on the Swiss bank by the Fed, Credit Suisse said.
