Credit Suisse Anti-Corruption Policies Weren't 'Meaningfully Enforced': SEC
Credit Suisse had policies preventing corrupt hiring, but "those policies were not meaningfully enforced," the SEC said. The bank, represented by Cahill Gordon & Reindel, paid nearly $30 million in disgorgement and interest to resolve the SEC's charges. Separately, Credit Suisse agreed to pay a $47 million penalty to resolve U.S. Justice Department claims.
July 05, 2018 at 12:42 PM
2 minute read
Credit Suisse bank in Milan. Credit: Mike Scarcella / NLJ said
“Bribery can take many forms, including granting employment to friends and relatives of government officials. Credit Suisse's practice of engaging in these hiring practices violated the law, and it is now being held to account for having done so,” said Charles Cain, chief of the SEC enforcement division unit focused on the Foreign Corrupt Practices Act.
Cahill Gordon & Reindel paid agreed to pay
"With the previously announced U.S. Department of Justice settlement, this puts this legacy matter behind the bank, and represents no material impact to Credit Suisse," the spokesperson said. "The bank has implemented numerous enhancements to its compliance and controls function and remains committed to upholding the highest standards of integrity and fair business practices in every jurisdiction in which it operates.”
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