In this episode of FinCrime Jobs: AML, KYC & Compliance Insights, we dissect one of the most dramatic enforcement actions in recent UK banking history: the £87 million fine levied by the Prudential Regulation Authority (PRA) against Credit Suisse in July 2023. Drawing on our in‑depth analysis of the “Credit Suisse’s £87M Financial Crime Scandal: Risk Management Failures & Regulatory Lessons” blog post, we walk you through how a series of missteps—from opaque reporting lines to unchecked leverage—led to multi‑billion‑dollar losses, severe reputational damage, and urgent lessons for compliance professionals worldwide.
📈 What You’ll Discover:
The Archegos Connection: How Credit Suisse’s prime brokerage enabled Archegos Capital Management’s aggressive total return swap (TRS) strategy, allowing hidden, uncollateralized bets that blew past risk limits.
Risk Management Breakdowns: Why repeated breaches went unaddressed—spotlighting confused governance structures, ineffective escalation protocols, and siloed oversight that failed to act on early warning signs.
PRA Enforcement & Rule-Book Violations: A deep dive into the specific regulations cited by the PRA, the rationale behind the record‑setting fine, and how UK supervision is evolving in response.
Reputational Fallout: Leadership shake‑ups, board restructuring, and the long road to rebuilding stakeholder trust after one of banking’s most public governance failures.
Actionable Compliance Takeaways: Best practices for risk managers and financial crime officers—including cross‑border surveillance, automated stress‑testing, clear ownership of escalation workflows, and real‑time limit‑breach alerts.
Are you a compliance officer, AML analyst, or regulatory professional? Tune in to gain critical insights that can help you:
✔️ Strengthen your firm’s governance frameworks✔️ Detect and escalate risk-limit breaches before they escalate✔️ Navigate complex regulatory environments with confidence
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Stay vigilant, stay compliant—and let’s learn from history’s biggest banking enforcement actions.
