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MAS Fines Credit Suisse $4 Million for Governance Failures

MAS Fines Credit Suisse $4 Million for Governance Failures

by Starling Insights

Starling Insights Editorial Board

Jan 12, 2024

Observations

MAS Singapore Managing Culture & Conduct for Good Governance Challenges in Governance Governance, Audit & Regulatory Failures Regulatory Trends The Costs of Misconduct

The Monetary Authority of Singapore (MAS) has imposed a $3.9 million SGD civil penalty on Credit Suisse for its alleged failure to prevent misconduct by relationship managers in its Singapore branch. The penalty stems from accusations that employees provided inaccurate or incomplete post-trade disclosures to clients, resulting in those clients being charged higher than agreed-upon rates.

The enforcement action follows MAS's review of pricing and disclosure practices in the private banking industry. The regulator found that Credit Suisse lacked adequate controls, such as post-trade monitoring, to prevent or detect misconduct effectively.

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