Credit Suisse Fined $3M by Singapore for Bankers' Misconduct

The bank failed to prevent overcharging in 39 bond transactions, amid a series of financial troubles.

Credit Suisse has been fined $3 million by the Monetary Authority of Singapore (MAS) for failing to prevent or detect misconduct by its relationship managers.
The misconduct involved providing clients with inaccurate or incomplete post-trade disclosures, resulting in clients being overcharged for 39 over-the-counter bond transactions.
MAS investigations revealed that Credit Suisse lacked adequate controls, such as post-trade monitoring, to prevent or detect such misconduct.
Credit Suisse has since paid the penalty and compensated its affected clients, and has also strengthened its internal controls to prevent future misconduct.
The fine comes amid a series of financial troubles for Credit Suisse, including a $4 billion loss for the second quarter of 2023 and a money-laundering probe by Singapore authorities.