Singapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers.

Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.