According to the MAS, these RMs had made false statements to their clients regarding the executed interbank prices and/or spreads charged; and/or omitted material information that the spreads charged were above the agreed rates for these 39 transactions.
“Investigations revealed that the bank had failed to put in place adequate controls, such as post-trade monitoring, to prevent or detect the RMs’ misconduct,” says MAS.
MAS notes that as part of the civil penalty settlement, Credit Suisse has separately compensated its affected clients.
“We will continue to engage the banks to improve their controls in this area and will not hesitate to take firm enforcement action against financial institutions found to have breached our laws,” says Ho Hern Shin, deputy managing director of MAS.
