Detelina Subeva Archives

Key Insights The FCA has banned Detelina Subeva, former Credit Suisse vice president, from UK financial services after her US guilty plea for conspiracy to commit money laundering linked to Mozambique loans. Subeva admitted to receiving $200,000 in illegal kickbacks as part of a broader corruption scandal involving $1.3 billion in loans arranged by Credit Suisse. LONDON (MarketsXplora) – The UK’s Financial Conduct Authority (FCA) has formally banned Detelina Subeva, a former vice president at Credit Suisse, from working within the UK financial services industry following her criminal conviction in the United States related to a major money laundering conspiracy. Subeva, a Bulgarian national, is the third ex-Credit Suisse employee to be barred by the FCA due to a lack of integrity linked to a multi-million-dollar corruption scandal involving illicit loans to the Republic of Mozambique. What Role Did Detelina Subeva Play in the Mozambique Loan Scandal? On May 20, 2019, Subeva pleaded guilty in a U.S. federal court to her involvement in a conspiracy to commit money laundering. She admitted to accepting and retaining US$200,000 in unlawful kickbacks paid by one of her co-conspirators, directly tied to the corrupt loans arranged by Credit Suisse. The scandal involves approximately US$1.3 billion in loans arranged by Credit Suisse for Mozambique, later found to be tainted by corruption. In October 2021, the FCA fined Credit Suisse over £145 million (around US$190 million) as part of a US$475 million global settlement addressing serious financial crime due diligence failings related to these loans. The bank also agreed to write off US$200 million of Mozambique’s debt as part of the settlement. Subeva’s ban follows the earlier banning of her co-conspirators Andrew Pearse and Surjan Singh, who were also convicted in the U.S. Pearse was found guilty of conspiracy to commit money laundering and wire fraud, while Singh was convicted of conspiracy to commit money laundering. Together, they accepted kickbacks exceeding US$50 million. Read also: Daniel Pugh Guilty of Defrauding 238 Investors in High-Return Ponzi Scheme How Is the FCA Responding to Financial Crime in the Credit Suisse Case? Steve Smart, joint executive director of enforcement and market oversight at the FCA, emphasized the regulator’s zero tolerance for criminal behaviour in financial markets: “Ms Subeva admitted to receiving and retaining US$200,000 in illegal kickbacks. There is no place in our markets for criminal behaviour. We will continue to take action against those who try to take advantage of our financial system.” The FCA’s enforcement actions highlight the continuing impact of the Mozambique loans scandal, which has severely damaged Credit Suisse’s reputation and exposed systemic weaknesses in the bank’s compliance systems. The case also raises broader questions about due diligence and ethical responsibilities of financial institutions in high-risk lending to emerging markets. By banning Subeva and her co-conspirators, the FCA sends a strong message that financial misconduct will not be tolerated and that regulators will rigorously uphold market integrity.

FCA Bans Former Credit Suisse VP Detelina Subeva Over $1.3 Billion Mozambique Money Laundering Case

You missed

Ledger Researchers Expose Chip Vulnerability That Could Leave Smartphone Crypto Wallets at Risk

Bank of England Unveils Plans for Regulating Sterling Stablecoins, Seeks Public Input

ASIC Says Stablecoins and Wrapped Tokens Are Financial Products

eToro Brings Signature CopyTrader Feature to U.S. Market in Phased Rollout