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Singapore penalized Credit Suisse S$3.9 million ($3 million) for its failure to prevent or detect misconduct by its relationship managers in the city-state.
The bankers had provided clients with inaccurate or incomplete post-trade disclosures, resulting in customers being charged spreads which were above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday. The action on Credit Suisse follows its review of pricing and disclosure practices in the private banking industry, according to the MAS.
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