US lawmakers probe Credit Suisse over Russia sanctions compliance

The logo of Swiss bank Credit Suisse is seen at a branch in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann

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March 28 (Reuters) – U.S. lawmakers are investigating Credit Suisse Group AG’s (CSGN.S) compliance with sanctions related to Russia’s invasion of Ukraine and have asked the Swiss bank to provide all relevant documents.

Credit Suisse has been asked to hand over documents related to the financing of yachts and private jets belonging to potentially sanctioned individuals, according to a letter sent by the House of Representatives Oversight and Reform Committee to the bank’s chief executive, Thomas Gottstein, Monday.

The investigation comes after recent reports said Credit Suisse had asked hedge funds and investors to destroy and erase information about its client relationships.

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Credit Suisse did not immediately respond to a request for comment from Reuters.

The letter, sent by Chair Carolyn Maloney and National Security Subcommittee Chair Stephen Lynch, expressed concern about the timing of the bank’s instruction to destroy documents, as it coincided with the statement by Switzerland that it would join other countries in imposing sanctions.

Credit Suisse was asked to comply by April 11 and will have to send documents from January 2017 until today, according to the letter.

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Reporting by Sohini Podder in Bengaluru and Pete Schroeder in Washington; Editing by Krishna Chandra Eluri

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