Credit Suisse failed to rigorously check FIFA account holders, says Swiss regulator

money laundering

September 18 – Swiss bank Credit Suisse showed serious deficiencies in its efforts to combat money laundering when dealing with several organisations including FIFA and two international oil firms, according to the country’s financial watchdog.

Swiss regulator FINMA announced the findings following an investigation that looked at Credit Suisse’s conduct from 2006 to 2016.

In a statement, Credit Suisse acknowledged FINMA’s findings but stressed that most of the purported missteps occurred before 2014 and that the bank has since taken measures to beef up its compliance systems.

FINMA said it launched an investigation partly to uncover the extent to which Swiss banks and their clients were involved in the FifaGate scandal uncovered by US judicial authorities.

When dealing with FIFA, Credit Suisse did not do enough to properly identify its clients, determine the real beneficiary of accounts or identify business relationships that posed an “increased risk,” FINMA said.

The latest revelations will only serve to fuel further suspicions about the conduct of high-ranking FIFA officials many of whom have dramatically fallen from grace since 2015 and been put on trial in the United States.

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