September 17, 2018 / 5:18 AM / 3 months ago

FINMA finds shortcomings in Credit Suisse's anti-money laundering processes

ZURICH, Sept 17 (Reuters) - Swiss financial watchdog FINMA said on Monday it had found deficiencies in anti-money laundering processes at Credit Suisse linked to suspected corruption involving soccer body FIFA, Brazil’s Petrobras and Petróleos de Venezuela, S.A.

“FINMA has decreed measures to further improve anti-money laundering processes and to accelerate the implementation of steps already initiated by the bank,” the watchdog said in a statement.

“It will commission an independent third party to monitor the implementation and effectiveness of these measures,” it added.

The Zurich-based bank said in a response the matter involved “legacy weaknesses”, adding it had acted to improve compliance. Credit Suisse also said it has not been fined or ordered to disgorge profits.

Reporting by John Miller Editing by Maria Sheahan

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