Credit Suisse says upgrading money-laundering controls after Fed order

Logo of Swiss bank Credit Suisse is seen in Zurich
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland June 22, 2020. REUTERS/Arnd Wiegmann

December 22, 2020

ZURICH (Reuters) – Credit Suisse said on Tuesday it was upgrading its anti-money laundering controls after the U.S. Federal Reserve ordered the Swiss bank to address deficiencies within 90 days to make sure it catches illicit activities.

“The bank has already been implementing an extensive enhancement plan to its New York Branch BSA/AML procedures, processes and oversight, which predominantly addresses the requirements of today’s agreement,” Credit Suisse said in a statement.

(Reporting by John Miller; Editing by Michael Shields)