The Financial Services Agency has ordered Credit Suisse Trust and Banking Co. to suspend part of its operations for one month for making several thousand improper business transactions.
The business suspension will take effect April 18 when the trust bank will be prohibited for one month from taking new requests for the management of trust assets, the FSA said Friday.
Conventional business transactions are not subject to the suspension.
The nation’s financial watchdog ordered the trust bank to improve its business practices and demanded it submit a report on how it plans to adhere to laws and punish those who were responsible for the infractions.
According to the FSA, Credit Suisse Trust and Banking was negligent in its duty to refund foreign taxes on interest on overseas bonds and on dividends on overseas shares for about 10 years. It also shared customer information with affiliates of the Zurich-based Credit Suisse Group AG.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.