The Financial Conduct Authority (FCA) has banned former Credit Suisse vice president Detelina Subeve from the UK financial services industry following her US conviction.

Subeva was convicted of conspiracy to commit money laundering connected to corrupt loans to the Republic of Mozambique.

In May 2019, she 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 £145 million as part of a US$475 million global settlement for serious financial crime due diligence failings related to the loans, which the bank arranged for the Republic of Mozambique, worth US$1.3 billion.

The FCA also secured Credit Suisse’s agreement to write off US$200 million of debt owed by the Republic of Mozambique.

Ms Subeva’s co-conspirators, Andrew Pearse and Surjan Singh, were banned from UK financial services earlier in February 2025 following their US convictions.

"Ms Subeva admitted to receiving and retaining US$200,000 in illegal kickbacks,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA. “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.’

---