Credit Suisse to pay $536m for breaking Iran sanctions

16 December 2009

Credit Suisse, the Swiss banking giant, is to pay US authorities $536 million after admitting to violating sanctions related to transactions involving Iranian companies.

The bank said it had already made changes to its policies for dealing with Iran following an investigation into its activities in the country between 2002 and 2007.

A settlement was reached following talks with the US Justice Department, New York state officials and US banking regulators.

"Credit Suisse has previously disclosed the investigation by US authorities and it was conducting an internal review into certain US dollar payments involving countries, persons or entities that may be subject to US economic sanctions," the firm said in a statement.

The statement went on to note that Credit Suisse had stopped its dealings with the operation involved in the Iranian transactions in 2005.

In its latest quarterly report, the bank reported a net income of $2.27 billion, up from $1.51 billion in the same period last year.

By Asim Shah

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