OCC Issues Formal Agreement with Credit Suisse AG New York Branch Over BSA/AML Deficiencies

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.