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Record Credit Suisse Fine Likely a Sign of Big Penalties to Come, Say Sanctions Lawyers
By Kieran Beer and Brian Monroe
printA nearly $540 million fine against Credit Suisse AG for facilitating illicit transactions for Iran is sending a message to the financial industry: large sanctions penalties are here to stay. The bank has agreed to pay $536 million for economic sanctions violations tied to Iran and other countries, the largest penalty ever levied against a financial institution for disobeying U.S. blacklists and the "most significant" action in the history of the U.S. Treasury Department's sanctions arm, according to a department statement issued Wednesday. Credit Suisse disclosed the fine Tuesday, a day before the issuance of a deferred prosecution agreement that...
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The chief investigator of sanctions violations at Lloyds TSB Bank and Credit Suisse speaks with Editor-in-Chief Kieran Beer about the unprecedented penalties and the need for federal beneficial ownership legislation.