SEC Fines Swiss Financial Firm for FCPA Violations
Credit Suisse Group AG, a Switzerland-based financial services company, was fined nearly $100 million by the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act, the SEC said this week. The commission said Credit Suisse bribed Mozambique government…
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officials and hid the “underlying corruption” by saying the payments were intended to help Mozambique's tuna fishing industry. The company also had “deficient internal accounting controls,” which failed to address FCPA requirements and “address significant and known risks concerning bribery.” Credit Suisse faces about $475 million in total fines, from U.S. and United Kingdom authorities, including the SEC fine, for a range of other financial violations, including operating a hidden debt scheme and paying kickbacks to now-indicted former Credit Suisse investment bankers and their intermediaries.