Credit Suisse stung by British finance regulator
Credit Suisse has been fined by the British Financial Services Authority (FSA) for failing to provide accurate and timely transaction reports.
The Swiss bank was ordered to pay £1.75 million (SFr2.86 million) as the British authorities step up efforts to clamp down on market abuse.
A privately-held market trader, Getco and an agency broker, Nomura, were also found to have committed multiple breaches, according to the FSA.
It added that all three firms had ignored repeated reminders during 2007 and 2008 to review their data regularly.
Credit Suisse said it regretted the incidents, which were mainly the result of technical communication errors.
In another development, the bank has rejected allegations that it has been targeted by United States prosecutors trying to bring a flurry of new cases against individuals suspected of tax evasion.
“There is no investigation which is aimed against Credit Suisse in this case,” a bank spokesman was quoted as saying.
The US authorities are believed to be trying to publicise the issue of potential tax dodgers using foreign banks, including Credit Suisse and UBS, ahead of an April 15 tax filing deadline.
Late last year, UBS settled the government’s civil case against it and agreed to hand over up to 4,450 client names, but that deal is tied up in legal wrangling.
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