The Financial Conduct Authority (FCA) revealed last week that it has banned former Credit Suisse vice president Detelina Subeva from working in the UK financial services industry, following her criminal conviction in the United States.
Former Credit Suisse Vice President Banned By the FCA
Subeva is the third former Credit Suisse banker to be barred for lacking integrity in connection with a corrupt loan scandal involving the Republic of Mozambique.
In May 2019, she pleaded guilty in a US court to conspiracy to commit money laundering, after accepting $200,000 in unlawful kickbacks related to loans arranged for Mozambique.
The case is said to centre on a series of loans worth $1.3 billion arranged by Credit Suisse between 2012 and 2016.
The funds, intended for maritime projects in Mozambique, were reportedly diverted through a network of bribes and kickbacks.
In 2021, the FCA fined Credit Suisse over £145 million as part of a $475 million global settlement for failings in financial crime due diligence. The bank also agreed to cancel $200 million of debt owed by Mozambique.
Subeva’s former colleagues, Andrew Pearse and Surjan Singh, were banned in February 2025 after their own convictions in the US.
Pearse was found guilty of conspiracy to commit money laundering and wire fraud, while Singh was convicted of conspiracy to commit money laundering. The pair received more than $50 million in kickbacks.
“There is no place in our markets for criminal behaviour,” said Steve Smart, joint executive director of enforcement at the FCA. “We will continue to take action against those who try to take advantage of our financial system.”
