According to the MAS, these RMs had made false statements to their clients regarding the executed interbank prices and/or spreads charged; and/or omitted material information that the spreads charged were above the agreed rates for these 39 transactions.
The Monetary Authority of Singapore (MAS) has fined Credit Suisse AG (Credit Suisse) $3.9 million for its failure to prevent or detect misconduct by its relationship managers (RMs) in the Singapore branch.
The regulator says in a Dec 28 release that these RMs 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.
