The bank reportedly made preferential hires to win business.
Reuters reports that the US Department of Justice has mandated the Hong Kong unit of Credit Suisse to pay $369.08m (US$47.03m) criminal fine and enter a non-prosecution agreement over claims that it awarded jobs to family and friends of Chinese and other government officials.
Also read: SFC slaps Credit Suisse with $39.3m penalty
Credit Suisse will also pay $243.03m (US$29.82m) to settle related U.S. Securities and Exchange Commission civil claims.
The Swiss banking giant was accused of violating the Foreign Corrupt Practices Act by hiring and promoting dozens of people connected with Asian government officials from 2007 to 2013 with authorities claiming that several of the hires had less than ideal qualifications.
“Trading employment opportunities for less-than-qualified individuals in exchange for lucrative business deals is an example of nepotism at its finest,” William Sweeney, assistant director-in-charge of the Federal Bureau of Investigation’s New York office, said in a statement.
Here’s more from Reuters:
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