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UBS’s Credit Suisse: Additional $3m Fine Confirmed

Singapore’s regulator, the Monetary Authority of Singapore (MAS), has fined Credit Suisse S$3.9 million ($3 million) for its failure to prevent or detect misconduct by its relationship managers in the city-state.

Logos of Swiss banks UBS and Credit Suisse, in Zurich Before the Rebrand. PHOTO: Enis Balibouse/Reuters

According to MAS, the bankers provided clients with inaccurate or incomplete post-trade disclosures, resulting in customers being charged spreads that exceeded agreed rates for 39 over-the-counter bond transactions.

MAS conducted a review of pricing and disclosure practices in the private banking industry,

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