Credit Suisse incurs PRA's biggest fine, for record four breaches

The Swiss global investment bank has received the highest-ever penalty from the Prudential Regulation Authority, of £87,082,000, for a record four breaches of PRA Fundamental Rules.

The regulator deemed that Credit Suisse International and Credit Suisse Securities (Europe) Ltd were responsible for significant failures in risk management and governance between 1 January 2020 and 31 March 2021 with regard to their exposure to Archegos Capital Management - the family office of Bill Hwang, who has been indicted in the United States on federal charges of fraud and racketeering. [1]