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.