Fed Says Credit Suisse Will Pay $100 Million for Violations

The Federal Reserve said Credit Suisse AG will pay a $100 million penalty for unsafe and unsound practices and breach of U.S. banking laws.

The penalties are part of $2.6 billion in sanctions imposed by government agencies, the Fed said today in a statement in Washington. The action was taken in conjunction with the U.S. Justice Department and New York State Department of Financial Services, the central bank said.

The sanctions stemmed from the Zurich-based bank’s “inadequate risk-management and compliance program, and its failure to conduct and accurately report to the Federal Reserve the operations of its New York representative office in compliance with U.S. banking laws,” the Fed said.

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