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Crisis in the making: Credit Suisse on the verge of Collapse

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Key background: Credit Suisse is the 45th-largest bank in the world, second-largest Swiss-based bank and 17th-largest in Europe,  according  to S&P Global Market Intelligence. The bank  installed  Körner as its top executive in July after the bank missed on earnings, and Credit Suisse has been marred in recent by billions of dollars in losses from financial penalties and the  collapse  of asset manager Archegos and financial services firm Greensill. Credit Suisse has $100 billion available to cover any losses,  according  to talking points sent to executives viewed by the  New York Times , and the memo said, “Speculating that we have a liquidity issue simply would be completely false.” Since its foundation in 1856, Credit Suisse has played a central role in the history and development of Switzerland. It was set up by Swiss politician and businessmen Alfred Escher to finance the country's railways and support  industrialization. ...
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KYC AML CFT

Reserve Bank of India has issued guidelines on KYC-AML-CFT to banks under Section 35A of the Banking Regulation Act, 1949 and Rule 7 of Prevention of Money- Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. Hence, any contravention thereof or non-compliance by bank shall attract penalties under Banking Regulation Act. All Branches will send their confirmation on Quarterly basis to their Regional Authorities for having complied fully with the KYC–AML-CFT guidelines of the bank while opening new accounts as well as in all existing accounts in the first week of succeeding month of the every quarter and will preserve record thereof for inspection purpose. All Regional Authorities will also send their confirmation on Half Yearly basi...
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