Credit Suisse has confirmed that it is in advanced settlement discussions with the New York County District Attorney’s Office, the US Department of Justice, Federal Reserve Board and the Federal Reserve Bank of New York, and the Office of Foreign Assets Control (OFAC).
The discussions relate to a previously disclosed investigation into US dollar payments during the period 2002 to April 2007 involving parties that are subject to US economic sanctions. As part of the settlement, Credit Suisse is likely to pay a total of $536mn.
In December 2005, Credit Suisse decided to exit the business in question and subsequently proactively undertook an extensive independent investigation into the Zurich-based payment activity and other practices, working closely and constructively with regulators and US authorities.
Credit Suisse’s internal review has now been concluded and discussed with these and other government authorities including Credit Suisse’s main regulator, the Swiss Financial Market Supervisory Authority.
