Swiss watchdog reprimands Credit Suisse over 1MDB dealings

Swiss financial watchdog FINMA said that the investigation did not establish that Credit Suisse "committed any systematic breaches of supervisory law". Nonetheless, it had sent "the bank a written reprimand for shortcomings in its money-laundering pr
Swiss financial watchdog FINMA said that the investigation did not establish that Credit Suisse "committed any systematic breaches of supervisory law". Nonetheless, it had sent "the bank a written reprimand for shortcomings in its money-laundering processes".PHOTO: AFP

ZURICH (REUTERS) - Swiss financial watchdog FINMA conducted "extensive investigations" into Credit Suisse's dealings surrounding Malaysia's scandal-hit state fund 1MDB, resulting in a written reprimand for Switzerland's second-biggest bank.

"During the investigations, it was not established that the bank had committed any systematic breaches of supervisory law," a FINMA spokesman said in an emailed statement. "FINMA did, however, send the bank a written reprimand for shortcomings in its money-laundering processes."

It did not give any more details.

Earlier, Monetary Authority of Singapore said it had fined Credit Suisse and United Overseas Bank a total of S$1.6 million for breaching anti-money laundering rules in connection with transactions related to 1MDB.