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foreign exchange rates Credit Suisse fined $135 million for malpractices

The bank has had various disputes with US authorities in recent years.

(Keystone)

Credit Suisse bank has been ordered to pay a fine of $135 million (CHF134.5 million) to the US authorities after an enquiry into the Swiss bank’s practices in setting foreign exchange rates. The figure was reached in a consultation between both parties.

The bank confirmed the fine, as well as its willingness to pay it, in a statementexternal link released on Monday.

The agreement brings to a conclusion the complaints made by the Department of Financial Services of New York State (DFS), which was investigating a number of currency transactions processed by the bank between 2008 and 2015.

The DFS said the bank brokers had misled clients and manipulated exchange rate values. The practices of the bank were “illegal, unsafe, and not solid” during at least the period from 2008 to 2015, the DFS said.

The bank said in the statement it was satisfied that the affair had been concluded and vowed – along with the fine – to reinforce checks and directives under the guidance of a designated supervisor.

The fine comes as the latest in a string of clampdowns by US authorities on the Zurich-based bank since investigations began into various malpractices in the wake of the 2008 financial crisis.

In 2009, Swiss bank UBS was fined $780 million for its role in tax avoidance. In 2014, in a landmark case, Credit Suisse pleaded guilty to similar criminal charges, agreeing to pay a fine of $2.5 billion to US authorities.

Former US Attorney General Eric Holder said at the time that in a practice spanning decades, the bank helped account holders conceal assets and income in illegal and undeclared bank accounts – often held in the names of fake foundations.


swissinfo.ch and agencies/dos

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