As part of  Credit Suisse settlement with the US Authorities in May 2014 a monitor has been imposed upon the bank. This monitor is Neil Barofsky, a former federal prosecutor and current New York-based partner with the law firm Jenner & Block LLP. His task is to dig into Credit Suisse dealings with Americans and the related compliance policies’.

The Wall Street Journal reports that N. Barofsky ‘has delayed an interim progress report to New York’s Department of Financial Services that was expected by this month, as Zurich-based Credit Suisse tries to accommodate his requests’. Now, it is unclear when the report will be filed, though Mr. Barofsky has kept New York’s banking agency informed about his progress to date’ adds the newspaper.

The use of monitors by the New York banking agency is not a new tool but its vigorous use is.

According to the WSJ, a monitor placed separately at Credit Suisse as a result of its settlement with the SEC recently concluded his work without raising further issues.

However, sometimes the monitors uncover further problems. This was the case with Standard Chartered last year when the bank had to pay an additional $300 million after a monitor reporting to New York’s Department of Financial Services uncovered continued problems with the anti-money-laundering practices. Standard Chartered, which had to extend the monitor’s engagement for two years, had initially settled the matter in 2012 for $667 million.