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Credit Suisse Fined $5 Million for Hong Kong Regulatory Breaches

  • Bank also paid out $1 million in compensation to investors
  • Penalty does not constrain business activities, bank says
Credit Suisse's Role In Focus As Rogue Banker Trial Opens
Photographer: Stefan Wermuth/Bloomberg

Credit Suisse Group AG has been fined HK$39.3 million ($5 million) by Hong Kong regulators for various internal control failures spanning a 14 year period.

Several Hong Kong units of the Swiss bank failed to segregate client securities from the firm’s own securities, didn’t report trades correctly, and didn’t configure algorithmic trading systems properly, among breaches identified by the Securities and Futures Commission according to a statement on Thursday.