Credit Suisse may pay $536 million

Zurich, Switzerland (GenevaLunch) – Swiss banking giant Credit Suisse has announced it is close to an agreement with US financial regulators concerning its dealings with countries that are subject to US economic sanctions. The bank says that it has closed its representative office in Tehran, Iran as part of its own probe into the investigation by US and New York regulators.

As part of the deal Credit Suisse may pay a $536 million fine, and says it has booked a pre-tax CHF445 million provision in the current quarter.

The US investigation covers financial transactions from 2002-2007. Credit Suisse, however, says it exited the business of “certain US dollar payments involving countries, persons or entities that may be subject to US economic sanctions” in 2006.

Financial companies that are regulated in the US may not do business with countries on the sanctions list, such as Iran, North Korea or Sudan.

Links to other sites: Credit Suisse, Le Temps, Reuters, Wall Street Journal

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