Switzerland Fines Former Credit Suisse Compliance Chief Lara Warner Over Money Laundering Oversight

Switzerland’s finance ministry has imposed a fine of 100,000 Swiss francs ($114,000) on Lara Warner, the former compliance chief of collapsed lender Credit Suisse, according to a Swiss government order. The penalty stems from her failure to alert Switzerland’s anti-money laundering authorities about a suspicious transaction in 2016 involving 7.9 million francs handled by Credit Suisse and linked to Mozambique’s finance ministry.

The case is connected to the $1.5 billion “tuna bond” scandal, which triggered a financial crisis and default in Mozambique, the order stated. Warner, who served at Credit Suisse from 2015 to 2021, is contesting the fine and believes the charges will ultimately be dismissed, her lawyer told Reuters.

“The decision not to file a money laundering report was not made by Ms. Warner,” her lawyer asserted in a statement.

Credit Suisse was acquired in 2023 by its rival UBS in a government-orchestrated rescue deal. Following the takeover, the bank settled the Mozambique case out of court.

By fLEXI tEAM