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Swiss watchdog reprimands Credit Suisse over 1MDB dealings

Swiss financial watchdog Finma conducted "extensive investigations" into Credit Suisse's dealings surrounding Malaysia's scandal-hit state fund
1MDB, resulting in a written reprimand for Switzerland's second-biggest bank.

"During the investigations, it was not established that the bank had committed any systematic breaches of supervisory law," a Finma spokesman said in an emailed statement.

"Finma did, however, send the bank a written reprimand for its money-laundering processes."

It did not give any more details.

Earlier, Singapore's central bank said it had fined Credit Suisse and United Overseas Bank a total of S$1.6 million ($1.15 million) for breaching anti-money laundering rules in connection with transactions related to 1MDB.

--Reuters

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