Credit Suisse ‘Seriously Breached’ Rules in Greensill Case
- Bank made ‘partly false’ statements to Finma about funds
- Regulator opening enforcement proceedings against individuals
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Credit Suisse Group AG “seriously breached” its risk management obligations in the Greensill Capital supply-chain financing affair, Switzerland’s banking regulator has concluded as it closed its probe against the bank.
The Swiss bank was ordered to take remedial measures by Finma, which include a periodic executive board level-review of the most important business relationships for counterparty risks, the regulator said in a statement on Tuesday. The bank must also record the responsibilities of its 600 highest-ranking employees in a “responsibility document,” Finma said.