If the money comes from one of a list of high-risk countries, or amounts to more than SFr10m, the bank must exercise due diligence and cross-check information.
That due diligence did not take place, and instead, defendants were more concerned with getting high volumes of loans from mortgage originators who were rewarded by Credit Suisse based on loan volume, the complaint says.
As for the bond market, the biggest surprise and disappointment is my portfolio of high yield paper stands upstaged by 10-year Treasuries and AA municipals which require no serious due diligence.