23/05/2025
The FCA has banned Detelina Subeva from the UK financial services industry. Ms. Subeva is the third former Credit Suisse employee banned for lacking integrity, following their US convictions for conspiracy to commit money laundering connected to corrupt loans to the Republic of Mozambique.
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 from one of her co-conspirators in unlawful kickbacks in connection with the loans.
In October 2021, the FCA fined Credit Suisse over £145m as part of a US$475m global settlement for serious financial crime due diligence failings related to the loans, which the bank arranged for the Republic of Mozambique, worth US$1.3bn. The loans were tainted by corruption. The FCA also secured Credit Suisse’s agreement to write off US$200m of debt owed by the Republic of Mozambique.
Ms Subeva’s co-conspirators, Andrew Pearse and Surjan Singh, were banned earlier in February 2025 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 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.’
SOURCE:FCA
