Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong
Credit Suisse had been fined $5 million (HKD 39.3 million) for numerous breaches including not separating clients’ assets and the bank’s assets, failed internal controls in multiple areas and mismatching product recommendations to clients.
“ Credit Suisse fined $5 Million and to Compensate Client of almost $1 Million “
The fine of around $5 million was determined after Hong Kong’s Securities and Futures Commission (SFC) took into account Credit Suisse co-operation in the investigation, implementing internal controls and to fully compensate clients of around $7.6 million (US$970K). The breaches had occurred over between 2010 to 2017.
About Credit Suisse
Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.
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