The Swiss Banking Association (ASB) could open an enquiry into Credit Suisse’s behaviour following their guilty plea in the US. The due dilligence obligation of the Bank could be examined and it should be established whether employees acted againts the Swiss banking code of conduct (CDB) which specifcally mentions that foreign and local authorities should not be cheated.

The highest financial sanction would cost Credit Suisse another $10m.

The Swiss Financial Market Supervisory Authority (FINMA) had previously edited recommendations to Credit Suisse that were implemented to their satisfaction and does not intend to re-open the case.