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# OCC Issues Formal Agreement with Credit Suisse AG New York Branch Over BSA/AML Deficiencies
- URL: https://www.theglobalbanker.com/occ-formal-agreement-credit-suisse-ag-new-york-branch-bsa-aml-deficiencies/
- Published: 2024-06-17T17:26:00.000Z
- Updated: 2026-10-02T12:57:03.000Z
- Description: The OCC disclosed on 17 June 2024 a formal agreement with Credit Suisse AG's New York Branch to remediate BSA/AML compliance gaps as the branch converts to a federal licence.
- Author: TGB Editorial Team
- Tags: Regulations, Americas, #archive

The Office of the Comptroller of the Currency made public on 17 June 2024 a formal agreement with Credit Suisse AG's New York Branch, requiring the institution to remediate identified deficiencies in its Bank Secrecy Act and anti-money laundering compliance programme. The action, registered under Docket No. AA-ENF-2024-53, was tied directly to the branch's conversion from its existing charter to a federal banking licence — a step that forms part of the broader operational integration process following UBS's acquisition of Credit Suisse.

A formal agreement is a binding supervisory action that imposes specific, enforceable obligations on the institution concerned, going beyond the informal guidance or matters requiring attention that regulators may communicate through ordinary examination channels. 

#### AGREEMENT MIRRORS PRIOR REGULATORY ACTIONS

The provisions contained in the OCC's formal agreement substantially replicate the terms of a prior written agreement that Credit Suisse AG's New York Branch had entered into with the Federal Reserve Bank of New York and the New York State Department of Financial Services. 

#### UBS INTEGRATION

The formal agreement is tied to the branch's conversion to a federal banking licence, a step in integrating Credit Suisse's United States operations into the UBS group structure following the emergency acquisition completed in 2023\.