The Financial Conduct Authority has banned Detelina Subeva, a former vice president of investment manager and global bank Credit Suisse, from the UK financial services industry. 

Ms Subeva has been barred following a criminal conviction related to money laundering and loans to Mozambique.

In October the FCA fined Credit Suisse over £145m as part of a US$475m (£350m) global settlement for serious financial crime due diligence failings related to the loans which the bank had arranged for the Republic of Mozambique, worth US$1.3bn (£960m).

Swiss-owned Credit Suisse, a major player in financial services globally including London, was taken over by fellow Swiss bank UBS in 2023 in a deal brokered by the Swiss government after it suffered a major loss of confidence due to serious concerns about its financial reporting and other weaknesses. 

Ms Subeva is the third former Credit Suisse employee to be banned for lacking integrity. The bans follow their US convictions for conspiracy to commit money laundering connected to corrupt loans to the Republic of Mozambique.  

The FCA said that on 20 May 2019, Ms Subeva pleaded guilty in the US for her role in a conspiracy to commit money laundering, which included accepting and retaining US$200,000 (£148,000) from one of her co-conspirators in unlawful kickbacks in connection with the loans.  

The regulator said the loans were “tainted by corruption.”

The FCA also secured Credit Suisse’s agreement to write off US$200m of debt (£148m) owed by the Republic of Mozambique.   

Ms Subeva’s co-conspirators, Andrew Pearse and Surjan Singh, were banned in February following their US convictions. Mr Pearse was convicted for conspiracy to commit money laundering and wire fraud while Mr Singh was convicted for conspiracy to commit money laundering. Together they accepted over US$50m (£37m) in kickbacks.  

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.”