Credit Suisse pays $77 mln to settle US probes into China hiring
July 5 (Reuters) - Credit Suisse Group AG agreed to pay about $77 million to settle U.S. criminal and civil probes into its Asia-Pacific hiring practices, including efforts to win banking business by awarding jobs to friends and family of Chinese government officials.
The Swiss bank agreed to a $47.03 million criminal fine and to enter a non-prosecution agreement under a settlement with the U.S. Department of Justice announced on Thursday.
Credit Suisse will also pay $29.82 million to settle related claims by the U.S. Securities and Exchange Commission.
U.S. authorities accused Credit Suisse of violating the Foreign Corrupt Practices Act, an anti-bribery law, by hiring and promoting people linked to government officials between 2007 and 2013 in an effort to win business.
The authorities said the people hired were often less qualified than others who lacked such ties, and that the quid pro quo arrangements bypassed Credit Suisse's normal hiring process.
Credit Suisse said it was pleased to settle, and has upgraded its internal compliance procedures and controls.
It had disclosed the expected Justice Department settlement last month. (Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama and Jonathan Oatis)