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Credit Suisse subsidiary settles FCPA violations

Joe Mont | July 10, 2018

The Securities and Exchange Commission has announced that Credit Suisse Group AG will pay approximately $30 million to resolve allegations that it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of the Foreign Corrupt Practices Act.

The allegations center on Credit Suisse (Hong Kong) Limited (CSHK), a Hong Kong-based subsidiary of Credit Suisse Group AG, a Swiss-based issuer of publicly traded securities in the United States. Credit Suisse also agreed to pay a $47 million criminal penalty to the U.S. Department of Justice for “a scheme to corruptly win banking business by awarding employment to friends and family of Chinese officials.”

According to the SEC’s order, several senior Credit Suisse...

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