Credit Suisse Hong Kong reaches agreement with Department of Justice, will pay $47 million
No criminal charges have been brought. Credit Suisse will pay a monetary penalty of approximately $47 million to the DoJ, which has been substantially provided for in prior periods and will therefore have no material impact on its Q2 2018 financial results, which will be announced on July 31, 2018.
As cited in the agreement, since 2013 Credit Suisse has implemented numerous enhancements to its compliance and controls function and it remains committed to upholding the highest standards of integrity and fair business practices in every jurisdiction in which it operates.
This legacy matter did not impact the services provided to any clients, investors or counterparties. ■