Credit Suisse recently agreed to pay €238 million to settle French money laundering charges. Prosecutors accused the bank of encouraging wealthy clients to set up bank accounts in Switzerland between 2005 and 2012, which were then out of reach of French tax authorities.
According to a French judge who oversaw the settlement, part of the investigation focused on how the bank captured 4,999 French clients, with assets under management totaling €2 billion. The judge stated that Credit Suisse staff held client meetings “very discreetly” and “never in official buildings." The bank profited an estimated €65 million from the business dealings.
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