Swiss regulator starts enforcement proceedings against Credit Suisse over spying scandal

Finance

The logo of Swiss banking giant Credit Suisse is seen on October 17, 2017 in Zurich.

Fabrice Coffrini | AFP | Getty Images

Swiss watchdog FINMA, the country’s financial market supervisory authority, said Wednesday it had initiated enforcement proceedings against Credit Suisse over the spying affair that came to light last year.

“FINMA has opened enforcement proceedings against the bank, in which it will pursue indications of violations of supervisory law in the context of the bank’s observation and security activities and in particular the question of how these activities were documented and controlled,” the regulator said in statement.

“Typically such proceedings can be expected to take several months,” it added.

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