Singapore imposes a fine of 3.9 million Singapore dollars (equivalent to 2.7 million euros) on Credit Suisse.
The bank, which is now part of UBS, failed to prevent or detect misconduct by its customer advisors.
Credit Suisse bank employees in Singapore had provided inaccurate or incomplete post-trade information to customers, resulting in customers being charged spreads above bilaterally agreed rates in 39 over-the-counter bond transactions, the Monetary Authority of Singapore (MAS) said.
The MAS said its review of pricing and disclosure practices in the private banking industry found that Credit Suisse did not put in place adequate controls to prevent or detect bankers’ misconduct.
Credit Suisse admitted guilt, paid the fine and separately compensated the affected customers. “We are pleased that we have been able to conclude this matter with MAS following a series of independent investigations,” said a spokesman for Credit Suisse in Singapore.
On the SIX, UBS shares temporarily lost 0.23 percent to 26.31 francs.
SINGAPORE (Dow Jones)
Selected leverage products on UBS
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the leverage you want and we will show you suitable open-end products on UBS
The leverage must be between 2 and 20
Advertising
