The FCA has issued a permanent ban from the UK financial services industry against Detelina Subeva, a former Vice President at Credit Suisse. The ban follows her conviction in the United States for conspiracy to commit money laundering in connection with a vast scheme involving corrupt loans to the Republic of Mozambique.

Subeva becomes the third former Credit Suisse employee to face an FCA ban due to their involvement in the scandal and subsequent US convictions, underscoring the regulator’s commitment to maintaining integrity within the financial sector.

In May 2019, Subeva pleaded guilty in the US for her role in the money laundering conspiracy, admitting to accepting and retaining $200,000 in unlawful kickbacks from one of her co-conspirators. This misconduct was linked to approximately $1.3 billion in loans arranged by Credit Suisse for the Republic of Mozambique, which were later found to be tainted by corruption.

“Ms Subeva admitted to receiving and retaining $200,000 in illegal kickbacks,” stated Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA. “There is no place in our markets for criminal behavior. We will continue to take action against those who try to take advantage of our financial system.”

The FCA’s action against Subeva comes after the regulator, in October 2021, fined Credit Suisse over £145m ($196m) as part of a $475m global settlement for serious financial crime due diligence failings related to the same Mozambican loans. As part of that settlement, the FCA also secured Credit Suisse’s agreement to write off $200m of debt owed by the Republic of Mozambique.

Earlier this year, in February 2025, Detelina Subeva’s co-conspirators, Andrew Pearse and Surjan Singh, were also banned by the FCA following their respective US convictions for conspiracy to commit money laundering and, in Pearse’s case, wire fraud. Together, Pearse and Singh accepted over $50m in kickbacks.

Upholding integrity

This case serves as a stark reminder of the critical importance of integrity and ethical conduct within the financial services industry. The implications of an FCA ban for an individual are severe, effectively barring them from their chosen profession. It highlights that criminal convictions, even those occurring in other jurisdictions, have tangible and long-lasting consequences for individuals operating within the UK financial sphere.

Beyond the legal ramifications, the case offers several key lessons:

• Zero tolerance for financial crime: Regulators such as the FCA are increasingly demonstrating a zero-tolerance approach to financial crime, particularly when it involves international corruption and money laundering.
• Individual accountability: While firms face substantial fines for their failings, there is a clear emphasis on holding individuals accountable for their direct involvement in illicit activities. Employees, regardless of their position, must understand their personal responsibility to uphold regulatory standards and ethical principles.
• The global reach of enforcement: This case demonstrates the interconnectedness of international financial regulations. A criminal conviction in one jurisdiction, such as the US, can lead to significant professional repercussions in another, like a ban from the UK’s financial services.
• The high price of compromise: Accepting even seemingly small kickbacks or engaging in misconduct can lead to the complete destruction of a professional career and reputation. The $200,000 accepted by Detelina Subeva pales in comparison to the irreversible damage to her professional life.
• Importance of due diligence and internal controls: For financial institutions, the Credit Suisse case as a whole emphasizes the vital need for robust financial crime due diligence and effective internal controls to prevent such schemes from taking root and causing widespread damage.

The FCA’s persistent pursuit of individuals involved in the Mozambique scandal sends a clear message: maintaining public confidence in the financial system requires unwavering commitment to integrity and a strong stance against criminal behavior.