Op risk data: Dodgy tax practices cost Credit Suisse €240m

Also: Binance blockchain hack; ING’s Polish AML fail. Data by ORX News

Credit Suisse
Credit Suisse fine: bank employees met clients in hotels and restaurants to help preserve anonymity
Image: Risk.net montage/Getty

October’s largest operational risk loss is attributed to Credit Suisse. The bank announced it would pay €238 million ($246.2 million) to settle charges by French authorities that it had illegally solicited clients and helped them evade taxes and launder money.

An investigation opened by the French prosecutor in 2016 found that around 5,000 French nationals had undeclared accounts with Credit Suisse hiding a total of €2 billion between 2005 and 2012. Bank employees often travelled to France to

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