Credit Suisse fined $135 million by US for malpractices

The Credit Swiss bank has been ordered to pay a fine of $135 million to 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 statement released late Monday evening. 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 that the bank brokers 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, DFS said. The bank said in the statement that 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 ...

 
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