Singapore imposes civil penalty on Credit Suisse for managers’ misconduct

SINGAPORE (Reuters) – The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$3.9 million on Credit Suisse AG for the bank’s failure to prevent or detect misconduct by its relationship managers, the regulator said on Thursday.

Relationship managers in the bank’s Singapore branch had provided clients with “inaccurate or incomplete post-trade disclosures, resulting in clients being charged spreads which were above bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions”, the MAS said in a statement.

(Reporting by Xinghui Kok; editing by Francesco Guarascio)