Global: Credit Suisse Faces S$3.9 Million Civil Penalty in Singapore Over Managers’ Misconduct

The Monetary Authority of Singapore (MAS) has levied a civil penalty of S$3.9 million on Credit Suisse AG for its failure to prevent or detect misconduct by its relationship managers, as announced on Thursday.

The penalty stems from actions by relationship managers in Credit Suisse’s Singapore branch, who provided clients with “inaccurate or incomplete post-trade disclosures.” This resulted in clients being charged spreads exceeding bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions, according to a statement from MAS.