Fed Orders Credit Suisse To Beef Up AML Compliance

Law360 (December 22, 2020, 5:07 PM EST) -- The Federal Reserve ordered a sweeping rewrite of Credit Suisse's procedures for anti-money laundering compliance across its U.S. operations on Tuesday, citing deficiencies found during a 2019 examination of the Swiss bank's New York branch that will require ongoing quarterly reporting and independent compliance testing.

The agreement requires a range of written reports to beef up the bank's compliance with Bank Secrecy Act and AML regulations, including one on a plan to implement independent testing within the New York branch, to be filed within 90 days of the agreement.

The agreement also gives the bank's board members, risk committee and senior...

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