The logo of the Swiss banking giant Credit Suisse can be seen in Zurich on October 17, 2017.
Fabrice Coffrini | AFP | Getty Images
The Swiss watchdog FINMA (financial market supervisory authority) announced on Wednesday that it had initiated enforcement proceedings against Credit Suisse because of the espionage affair that became known last year.
"FINMA has initiated enforcement proceedings against the bank in which it will pursue indications of violations of supervisory law within the framework of the bank's monitoring and security activities and in particular the question of how these activities were documented and controlled," said the supervisory authority in Statement.
"Usually such a process can take several months," he added.
CEO Tidjane Thiam resigned earlier this year because of the sandal that started in 2019. His departure came as part of the first investigation by FINMA, which followed the surveillance of two cases by former Credit Suisse employees, including former head of asset management, Iqbal Khan.
The outgoing CEO claimed he was unaware of the espionage operation, which also led to the resignation of COO Pierre-Olivier Bouee and the suicide of a private detective.
The bank tried to mitigate the damage caused by covert surveillance efforts on the former top executive. In October, the chairman of Credit Suisse, Urs Rohner, apologized to Khan and his family for the "wrong and disproportionate" observation operation, which, in his opinion, had "seriously damaged the bank's reputation".
An internal investigation by law firm Homburger last year found that Bouee alone ordered the surveillance of Khan, who abruptly left the Swiss lender in July to join fierce domestic rival UBS.
The Zurich-based bank announced on Wednesday that it would continue to work fully with FINMA.