DFS hits Credit Suisse with $135m fine

Department of Financial Services issues consent order, listing FX misconduct and abuses that potentially affected customers for years

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Get it together: DFS superintendent claims certain FX executives deliberately fostered a corrupt culture, which failed to implement effective controls

Credit Suisse has agreed to pay a $135 million fine to settle allegations that its traders engaged in foreign exchange misconduct, including collusion to manipulate benchmark prices and front-running, which enabled the bank to profit unfairly off its customers.

The New York State Department of Financial Services (DFS) announced the settlement in a consent order released on November 13. DFS has ordered the bank to provide a remediation plan to improve its compliance and senior management

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