A banking giant with $1.80 trillion in assets under management, Credit Suisse, has been fined $3.9 million SGD ($2.90 million) by the Monetary Authority of Singapore (MAS) for making false statements to clients and overcharging customers. The MAS found that the bank’s relationship managers routinely violated Singapore’s Securities and Futures Act (SFA) of 2001 by overcharging customers and concealing key details about the costs involved in executing trades.

The MAS specifically highlighted 39 over-the-counter bond transactions where Credit Suisse’s relationship managers lied about the costs, resulting in clients paying more than they should have. The bank was also found to have failed to establish internal controls, including post-trade monitoring, to prevent such misconduct.

In response to the penalty, Credit Suisse settled immediately, admitted liability, and strengthened its internal controls. The bank, which was acquired by UBS in June, will continue to operate as a “bank within a bank” and maintain its services and client relations as usual.

MAS Deputy Managing Director Ms. Ho Hern Shi emphasized the importance of financial institutions implementing robust governance frameworks and processes to ensure fair and transparent pricing for customers. The MAS will continue to engage with banks to improve their controls in this area and will not hesitate to take firm enforcement action against those found to have breached the law.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	neutral
Relevance Score	1
People	Ho Hern Shi
Companies	UBS, Credit Suisse, Monetary Authority of Singapore (MAS)
Currencies	None
Securities	None