CSFB spent $30m on internal overhaul.

Financial News, December, 2001

Credit Suisse First Boston has had to spend more than $30m (e34m) on overhauling its internal procedures against money laundering in its European operations, writes Peter Wilson-Smith. The revamp has involved checking tens of thousands of customer accounts and expensive bills for external consultants, according to sources close to the bank.

The drive to improve money laundering checks, called Project Camel, is understood to have been set in train more than a year ago, as a result of pressure from the Financial Services Authority, the UK financial regulator. CSFB sources said the project was not connected with N2, the formal launch of the single regulator in the UK, or with the new powers that the FSA is taking on to deal with money laundering.

CSFB has...

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