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Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay US authorities $47 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.

” Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific “

The United States Department of Justice (DoJ) were investigating if Credit Suisse (Hong Kong) had hired relatives of government officials or powerful executives in Asia to increase chances of getting businesses & deals between 2007 to 2013.  These hiring practices would have infringed the U.S. Foreign Corrupt Practices Act.

The $47 million settlement to the United States Department of Justice (DoJ) is a non-prosecution agreement to resolve the case, and no criminal charges have been brought against the bank.  Other banks have also made settlements with U.S. authorities including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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