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Swiss financial regulator reprimands Credit Suisse over 1MDB links

Swiss financial regulator FINMA sent Credit Suisse Group AG a written reprimand over its dealings with scandal-plagued 1Malaysia Development Bhd., or 1MDB, Reuters reported, citing a FINMA spokesman.

The regulator had conducted "extensive investigations" into the matter, but was unable to establish that Credit Suisse had committed any systematic breaches of supervisory law. The investigations, however, prompted FINMA to reprimand the bank for shortcomings in its money-laundering processes, the spokesman reportedly said.

The statement comes after the Monetary Authority of Singapore imposed a S$700,000 fine on Credit Suisse for breaches of several money-laundering regulations in transactions linked to 1MDB.

As of May 29, US$1 was equivalent to S$1.39.