Global Business in Iran Database

In-depth metrics and analysis of Iran's international economic partnerships.

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Credit Suisse fined for Violating Iran Sanctions Act

description

Credit Suisse settled with the United States Justice Department for $536 million for moving $1.6 billion of Iranian assets through the American financial system.  The five-year investigation led by the Manhattan District Attorney's Office uncovered systematic and deliberate efforts by Credit Suisse to disguise the origin of Iranian payments.  In 2007 Credit Suisse closed its office in Tehran.  These sanctions follow similar actions taken against Lloyd's Group in January for similar financial violations.  The Credit Suisse probe identified nearly 7,000 illicit transactions from 1995-2005.  

Status

  • Current Status:
  • Discussion Date: Wed, 2009-12-16
  • Contract Date:
  • Completion Date:

Citation

1. "United States against Credit Suisse AG", United States District Court for the District of Columbia, 16 December 2009, available at http://www.politico.com/static/PPM116_main.html.

2. "Credit Suisse to pay $536 mln for U.S. violations", Reuters, 17 December 2009, available at http://www.moneycontrol.com/news/business/credit-suisse-to-pay-36536-mln....

All projects by Credit Suisse