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FINMA seeks answers to questions over Credit Suisse's spying case


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FINMA seeks answers to questions over Credit Suisse's spying case

The Swiss Financial Market Supervisory Authority, or FINMA, said it still has unanswered questions about Credit Suisse Group AG's surveillance activities, signaling a deepening investigation into the bank's spying affair.

FINMA Chairman Thomas Bauer said Credit Suisse's use of external security companies is not a supervisory issue in itself, but that the group still has to answer the regulator's queries about its corporate governance, including documentation, control, information behavior and communication channels, Reuters reported, citing Bauer's statements to Swiss newspaper Tages-Anzeiger.

Credit Suisse COO Pierre-Olivier Bouée resigned in October 2019 after taking responsibility for putting former wealth management head Iqbal Khan under surveillance. In December 2019, the bank admitted to spying on another former executive after FINMA announced that it appointed an independent auditor to investigate the spying case.

Bauer said the question of regulatory action against Credit Suisse remains open, the report noted.