Second largest Swiss bank Credit Suisse has to pay US administration $536m (€368.7m) to solve US allegations that it breached economic sanctions imposed on Iran.

The US discovered that the bank made deals with Iran and other countries moving millions of dollars through American banking system within 5 years (from 2002 to 2007), specifically the funds intended for supporting Iranian nuke and space programs.

Both programs were blacklisted by the U.S. following Iran’s intentions to purchase mass annihilation weapons, therefore American organizations are banned from closing any deals with them.
According to report in the New York Times, Credit Suisse made over 7.000 illegal fund transfers totaling $700m.

S.T.