(Bloomberg) -- Credit Suisse Group AG has hired MUFG Bank’s Asia-Pacific head of anti-money laundering for a senior role in its wealth division, as the Swiss bank seeks to strengthen risk management and reverse fund outflows.
Rashmi Dubier will lead a team responsible for financial crime compliance for Asia Pacific wealth management starting in January, according to a person familiar with the matter who asked not to be identified discussing confidential details. She will be based in Singapore.
Dubier previously held roles in anti-money laundering and compliance at Citigroup Inc. and JPMorgan Chase & Co., according to her LinkedIn profile. Dubier declined to comment when contacted through LinkedIn. Spokespeople for Credit Suisse and MUFG Bank declined to comment.
Credit Suisse is overhauling its risk management after twin hits from scandals involving the collapse of Greensill Capital and Archegos Capital Management. An independent external investigation into Archegos last year found “a failure to effectively manage risk” at the lender.
The bank shocked markets last month when it said clients had pulled about 10% of assets at the wealth management unit, traditionally one of the bank’s most stable businesses. Chairman Axel Lehmann last week said those withdrawals were coming to an end.
In 2017, Singapore fined Credit Suisse for breaches of anti-money laundering requirements and control lapses after reviewing banks involved in fund flows linked to 1Malaysia Development Bhd.
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