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<\/a><\/p>\nCredit Suisse Group AG will pay $196 million to settle charges that it violated federal securities law by providing cross-border financial services for U.S. clients without registering with regulators.<\/p>\n
The U.S. Securities and Exchange Commission say the Swiss bank provided these services to thousands of U.S. clients over a seven-year period. Regulators say the bank began to curb this practice in 2008 after a civil and criminal investigation into similar conduct by Swiss-based UBS.<\/p>\n
Following a U.S. Department of Justice criminal tax investigation, UBS had formally announced in 2008 that it would cease providing banking services to U.S. clients through its non-U.S. regulated entities. In 2009, U.S. authorities fined UBS $780 million for helping U.S. citizens avoid paying taxes.<\/p>\n
The SEC said that Credit Suisse began to take steps in October 2008 to exit the business of providing cross-border advisory and brokerage services to U.S. clients but it took until 2013 to completely exit the business.<\/p>\n
Credit Suisse agreed to the payment and acknowledged that its conduct violated securities law, the agency said.<\/p>\n
The bank said Friday that it is pleased to settle the matter with the SEC. It is still facing a Department of Justice investigation into tax-related issues associated with the business.<\/p>\n
The U.S. government has been pushing Switzerland to loosen its rules on banking secrecy since the UBS incident. Switzerland has been trying to shed its image as a tax haven, signing deals with the U.S., Germany and Britain to provide greater assistance to foreign tax authorities that are seeking information on their citizens’ accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"
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