FCA Bans Ex-Credit Suisse VP Over Money Laundering Scandal

The Financial Conduct Authority (FCA) has permanently banned former Credit Suisse vice president Detelina Subeva from working in the UK financial services industry, citing her lack of integrity following a criminal conviction in the United States. The decision underscores the FCA’s uncompromising stance on financial misconduct and its commitment to safeguarding market integrity.

Ms Subeva is the third former Credit Suisse employee to face prohibition after pleading guilty in the United States to conspiring to commit money laundering. Her conviction relates to a global corruption scheme involving more than US$1.3 billion in loans to the Republic of Mozambique. In May 2019, Ms Subeva admitted receiving and retaining US$200,000 in unlawful kickbacks from one of her co-conspirators, as part of her role in arranging the tainted loans.

The FCA’s enforcement action follows its 2021 penalty against Credit Suisse, which included a £147 million fine and the write-off of US$200 million in debt owed by Mozambique. This was part of a wider US$475 million global resolution with regulators in the United States and elsewhere, stemming from severe failures in financial crime due diligence linked to the so-called “tuna bonds” scandal.

Subeva’s co-conspirators, Andrew Pearse and Surjan Singh, were banned earlier in February 2025 after their own convictions. The pair admitted to accepting over US$50 million in bribes and kickbacks connected to the fraudulent loan arrangements. Pearse was convicted of conspiracy to commit money laundering and wire fraud, while Singh was convicted of conspiracy to commit money laundering.

Commenting on the ban, Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:

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 move sends a strong signal to the financial sector that it will act decisively against individuals who engage in corrupt practices, even years after the underlying misconduct. This action also reinforces the importance of robust anti-money laundering controls and ethical leadership across global banking institutions.

Read the press release here.