The Financial Conduct Authority (FCA) has officially barred Detelina Subeva from working in the UK financial services sector.

Ms. Subeva is the latest former Credit Suisse employee to face industry exclusion due to integrity concerns, following her conviction in the United States for involvement in a money-laundering conspiracy linked to corrupt loans provided to the Republic of Mozambique.

In May 2019, Ms. Subeva pleaded guilty in the US to conspiring to commit money laundering. Her role in the scheme included accepting and keeping a US$200,000 illegal kickback from a co-conspirator in connection with the loans.

This case forms part of a broader scandal involving Credit Suisse, which in October 2021 was fined over £145 million by the FCA. The penalty was part of a global settlement worth US$475 million related to failures in financial crime due diligence concerning US$1.3 billion in loans arranged for Mozambique. The FCA also secured an agreement for the bank to write off US$200 million of Mozambique’s debt.

Two of Ms. Subeva’s associates, Andrew Pearse and Surjan Singh, were banned in February 2025 after their 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. Together, they received more than US$50 million in kickbacks.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, commented:

“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.”