 "Credit Suisse to pay $196 million to settle US charges")
Credit Suisse Group AG will pay $196 million to settle charges that it violated US securities law by providing cross-border financial services for US clients without registering with regulators.
The US Securities and Exchange Commission says the Swiss bank provided these services to thousands of US clients over a seven-year period. Regulators say the bank began to curb this practice in 2008 after a civil and criminal investigation into similar conduct by Swiss-based UBS.
While the bank knew it was violating securities law, the SEC says it took Credit Suisse until 20013 to completely exit the business.
The bank is still facing a Department of Justice investigation into tax-related issues associated with the business.
The US Securities and Exchange Commission says the Swiss bank provided these services to thousands of US clients over a seven-year period. Regulators say the bank began to curb this practice in 2008 after a civil and criminal investigation into similar conduct by Swiss-based UBS.
While the bank knew it was violating securities law, the SEC says it took Credit Suisse until 20013 to completely exit the business.
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Credit Suisse agreed to the payment and admit wrongdoing to settle the SEC's charges.
The bank is still facing a Department of Justice investigation into tax-related issues associated with the business.