The United Kingdom’s Financial Conduct Authority has put Credit Suisse on a watchlist of institutions in need of stricter supervision.
That’s according to reports from the Financial Times late on Sunday, citing a letter sent in May.
The regulator told the Swiss bank last month the step had been taken because of concern the bank had not made enough improvements to its culture, governance and risk controls.
Credit Suisse was fined about $475 million last year by the U.S. Securities and Exchange Commission and FCA, to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal.
The FCA has also asked Credit Suisse’s senior executives to give evidence of steps the bank would take to prevent instances of misconduct and to improve accountability..
