26 Apr 2018
Swiss bank Credit Suisse (CSGN.S) complies with sanctions regimes wherever it does business, Chief Executive Tidjane Thiam said after two U.S. senators demanded big banks disclose any links to rich Russians.
“I can’t comment on the (senators’ request). But what I can tell you is we are in full compliance with every regulation in every jurisdiction we are present in,” Thiam told reporters at the bank’s quarterly results news conference on Wednesday.
“When there are sanctions, we are fully compliant with the sanctions, of course, and we have invested a lot of resources in continuously upgrading our ability to monitor.”
Swiss banks practically never comment on individual clients given confidentiality laws that helped make Switzerland the world’s biggest centre for managing offshore wealth.
The neutral country has now begun to exchange information on bank clients with foreign tax authorities.
– Reporting by Brenna Hughes Neghaiwi, Reuters, 25 April 2018
Link to the Reuters article.
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet