FSA fines CSFB record amount

LONDON -- The UK’s Financial Services Authority (FSA), the country’s main financial regulator, fined Credit Suisse First Boston International (CSFBi) £4 million for attempting to mislead the Japanese regulatory and tax authorities. It is the highest fine ever imposed by a UK regulator.

The difficulties faced by CSFBi in Japan are often cited as a classic case of a breakdown in operational controls resulting in significant legal risk. For example, according to the FSA, CSFB’s Japanese subsidiary

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