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02.21.2022
From The Markets

Credit Suisse Rejects Media Allegations

02.21.2022
Credit Suisse Rejects Media Allegations

In response to a consortium of media outlets publishing a series of articles, Credit Suisse Group issued the following statement:

“Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices. The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct. While as a matter of law Credit Suisse cannot comment on potential client relationships, we can confirm that actions have been taken in line with applicable policies and regulatory requirements at the relevant times, and that related issues have already been addressed.
Following numerous inquiries by the consortium over the last three weeks, Credit Suisse has reviewed a large volume of accounts potentially associated with the matters raised. Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015. Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework. We will continue to analyze the matters and take additional steps if necessary.
Credit Suisse notes that the consortium is referring to a large number of external sources including those previously known as well as an alleged leak in their reporting. We take this latter allegation very seriously and will continue with our investigations with an internal task force including specialist external experts. We have robust data protection and data leakage prevention controls in place to protect our clients.As a leading global financial institution, Credit Suisse is deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld.
These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market¬place as a whole, which has undergone significant changes over the last several years. In line with financial market reforms across the sector and in Switzerland, Credit Suisse has taken a series of significant additional measures over the last decade, including considerable further investments in combating financial crime. Across the bank, Credit Suisse continues to strengthen its compliance and control framework, and as we have made clear, our strategy puts risk management at the very core of our business.”

Source: Credit Suisse

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