Lawmakers Looking Into Credit Suisse's Russia Sanctions Compliance
Two House oversight committee leaders are looking into Credit Suisse’s compliance with Russian sanctions after the investment firm reportedly asked investors to destroy documents about yachts and private jets owned by its clients. The Credit Suisse directive, reported by the Financial Times in February, “raises significant concerns that it may be concealing information about whether participants” are “evading sanctions” imposed by the U.S. and other countries against Russia, said Reps. Carolyn Maloney, D-N.Y., chairwoman of the Committee on Oversight and Reform, and Stephen Lynch, D-Mass., chairman of the Subcommittee on National Security.
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In a March 28 letter to the Switzerland-based firm, the lawmakers also said they are concerned that the directive to destroy the documents “coincided” with Switzerland’s announcement that it would join the U.S., the EU and others in sanctioning Russia. Maloney and Lynch asked Credit Suisse to provide certain company communications and documents about the destruction of the documents, a list of the investors that participated, its know-your-customer and due-diligence documents and more.
A Credit Suisse spokesperson declined to comment. The person pointed to a March 3 statement in which the company said the destruction of the materials was "in no way linked to the recent implementation of additional sanctions -- with which we are fully compliant."