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Singapore penalised Credit Suisse S$3.9 million (US$3 million) for its failure to prevent or detect misconduct by its relationship managers in the city state.
The bankers had provided clients with inaccurate or incomplete post-trade disclosures, resulting in customers being charged spreads which were above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore (MAS) said in a statement on Thursday.
The action on Credit Suisse follows its review of pricing and disclosure practices in the private banking industry, according to the MAS.
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The regulator said that its investigations revealed that Credit Suisse had failed to put in place adequate controls, such as post-trade monitoring, to prevent or detect the bankers’ misconduct.
It added that the bank has paid the penalty and separately compensated its affected clients. The firm, which has been taken over by Swiss rival UBS Group AG, has since strengthened its internal controls, the MAS statement said.
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“We are pleased to resolve this past matter with the MAS following a series of independent reviews,” Credit Suisse said in an emailed statement.
“We have since reimbursed affected clients, which are limited to a very small percentage of the bank’s order processing system,” the bank said.
“We have taken steps to enhance our policies, procedures and controls to mitigate any recurrence.”
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