Office of Foreign Assets Control's Settlement with Credit Suisse AG

December 16, 2009
Credit Suisse Securities (USA) LLC approached OFAC in early April 2006 about an internal investigation it was conducting related to U.S. securities transactions executed on behalf of an entity subject to U.S. sanctions, and made two additional supplemental disclosures later in 2006. In early 2007, after the New York County District Attorney's Office began looking into several suspicious wire transfers, Credit Suisse also informed OFAC ofa separate internal investigation related to its activities as a U.S. dollar ("USD") correspondent for payments involving Iran, Sudan, Burma, Cuba, North Korea, and persons whose property and interests in property are blocked pursuant to OFAC regulations.