WASHINGTON (JTA) — A major Swiss bank reportedly will pay more than half a billion dollars in fines for covering up the transfer of Iranian funds to the United States.
Credit Suisse issued a statement Tuesday that it would likely pay $536 million for transfers of funds "for parties that are subject to U.S. economic sanctions," The New York Times reported.
The Times quoted sources as saying that the parties included Iranian entities such as the Atomic Energy Organization of Iran and Aerospace Industries Organization, both blacklisted by the U.S. government as weapons of mass destruction proliferators.
The violations involved removing information from transactions between 2002 and 2007 that would have identified the originator of the funds. Credit Suisse launched an internal investigation in 2005 and has changed its practices, the Times said.
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