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AP National Business

Credit Suisse faces penalties over Mozambique loan deals

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KMIZ

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Published 2:31 AM

By JAMEY KEATEN
Associated Press

ZURICH (AP) — Credit Suisse has announced settlements totaling nearly $700 million with British, Swiss and U.S. authorities over lending to Mozambique state-owned companies that Swiss regulators say violated anti-money-laundering rules. The Zurich-based bank, Switzerland’s second-largest, also was required by the Swiss financial markets authority to improve its risk controls. Credit Suisse said its settlement with Washington involved some $275 million. The bank said it would pay a $200 million penalty under an agreement with Britain and forgive $200 million of loans to Mozambique’s government. It said it expects to take a $230 million charge in the third quarter in connection with the settlements.

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