Swiss financial regulator Finma says that Credit Suisse AG was deficient in its anti-money laundering compliance processes regarding its relationships with the world soccer governing body, and Brazilian and Venezuelan state-oil firms. In cases involving FIFA, Petroleos de Venezuela SA, and Petroleo Brasiliero SA – mostly before 2014 – the bank failed to properly identify the client, determine its beneficial owner, categorize the relationship as high-risk, perform enhanced due diligence, or document its efforts.
The bank “acknowledged the conclusions” reached by Finma “as part of an ongoing review of legacy cases across the Swiss banking sector.”
Finma noted that Credit Suisse cooperated with its probe and has undertaken a number of compliance improvements since 2015.
