Credit Suisse fined €238 million by France for breaking money laundering laws – comment
Credit Suisse has agreed to pay France €238 million to settle claims that the bank broke laws on money laundering by luring clients to Switzerland.
Richard Cannon, Partner at Stokoe Partnership Solicitors, commented: “This news comes on top of one bad news story after another for Credit Suisse. Its stock has been heavily shorted in the last two weeks after reports of heavy losses and a forthcoming structural overhaul. It may well be that the bank is looking to clear the desk of outstanding legal issues prior to the restructure.
“It has also been announced that the bank’s Chief Compliance Officer is leaving after just over a year in the post. It has not been confirmed whether this is directly linked to this outcome – although it is worth noting the conduct investigated in the French case dates back to 2012. In European terms this is still a hefty fine and should not be ignored.”