Credit Suisse to pay $47 million to settle hiring corruption probe
08 Jun 2018

Credit Suisse (CSGN.S) will pay a penalty of about $47 million (35.06 million pounds) to resolve a U.S. Department of Justice corruption probe into its hiring practices in the Asia Pacific region between 2007 and 2013, the Swiss bank said in a statement on Wednesday.

The bank said no criminal charges were brought, that it had set aside money in previous periods to cover the penalty and that it did not expect an impact on second-quarter results.

The U.S. investigation looked into whether Credit Suisse hired referrals from government agencies in Asia in exchange for business.

Chief Executive Tidjane Thiam has been seeking to turn around the bank’s fortunes following big losses as well as exit an era when ethical lapses cost it billions in penalties or settlements.

– By John Miller, Reuters, 6 June 2018

Link to Reuters.

Count reading this article to your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet
Must Read

Pursuing unexplained wealth in Nigeria: It’s time to take on the enablers

Despite the efforts of the incumbent President to fight corruption, Nigeria remains one of the countries that constantly top the world’s corruption rankings. According to  Transparency International’s 2017 Corruption Perception Index, Nigeria is one of the most corrupt countries in the world, ranking number 148 out of 180 countries covered… Read More

The perfect AML programme: A ten point guide

Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More