Credit Suisse must submit a written plan to the Fed and the New York Department of Financial Services within 90 days to improve compliance with the Bank Secrecy Act and Anti-Money Laundering rules (BSA/AML) and to bolster risk management generally.
The Swiss bank must undertake a review of all business lines, ensure accurate and comprehensive customer and transaction data and line up adequate personnel and procedures for elevating concerns, according to the agreement.
The plan must provide “timelines, to remediate deficient due diligence” that ensures timely reporting of all violations of law or “suspicious transactions” to authorities and procedures to ensure timely detection and investigations of such transactions.
Credit Suisse said it was “satisfied” it had reached an agreement and is “convinced it will develop a program that meets the requirements of the Fed and DFS” and which builds on improvements that have already been made.
In 2016, the Financial Industry Regulatory Authority fined Credit Suisse $16.5 million over “significant deficiencies” in its AML supervision.
FINRA uncovered a number of problems at Credit Suisse’s US division, including a failure from 2011 to 2013 to review trading for AML reporting purposes and a failure to review potentially suspicious money transfers.