The agreement showed that Credit Suisse had been told to increase oversight on "risk-based policies, procedures, and processes to gather and analyze customer information commensurate with the customer’s risk profile," particularly with "categories of customers that pose a higher risk of money laundering or terrorist financing."
The enforcement order, reached jointly with the New York Department of Financial Services, comes in the aftermath of charges filed by Swiss prosecutors against Credit Suisse for allegedly failing to prevent the laundering of cocaine trafficking proceeds by a Bulgarian crime ring.
Credit Suisse, responding to the charges, said it unreservedly rejected the allegations. A former employee of the bank has also been indicted over the matter in the Swiss Federal Criminal Court.
