Shame on Suisse

A WATCHDOG has slammed Credit Suisse over poor money laundering controls in a major embarrassment for boss Tidjane Thiam.

Swiss regulator Finma said the bank was guilty of serious mistakes relating to corruption scandals at football’s governing body Fifa, Brazilian oil firm Petrobras and Venezuelan oil company PDVSA.

The watchdog has no power to issue fines but has ordered Credit Suisse to improve its processes and will install an independent firm to monitor the bank’s progress. Thiam, 56, has sought to clean up the lender since taking charge in 2015.