Credit Suisse Dials Back Asia Risk Controls After Bankers Revolt
- Additional measures on new client wealth sparked complaints
- ‘Project Starlight’ focuses on weaknesses in Singapore
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Credit Suisse Group AG, fighting to stem a wave of investor outflows, is dialing back some stringent anti-money laundering controls in Asia after they drew protests from clients and bankers and contributed to staff departures.
A requirement that private bankers verify most of their clients’ sources of wealth was eased near the end of last year, while third-party transactions are no longer subject to executive approvals, according to people familiar with the matter.