Credit Suisse Reportedly Freezes Accounts In Search For U.S. Asset

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( - Credit Suisse Group AG ( CS ) has frozen dozens of accounts as it tries to determine if U.S. clients are hiding money from the Internal Revenue Service after the firm pledged to come clean about secret assets, Bloomberg reported citing to a person familiar with the matter.

The bank is looking at indicators such as phone numbers or powers of attorney to determine whether Americans are the true owners of accounts not disclosed to the IRS. Any client activity on these accounts now requires approval by a group within Credit Suisse, the report said.

The unusual move to freeze accounts came in the past week as the U.S. stepped up a Justice Department investigation into why Credit Suisse neglected to tell them about $200 million in assets held by an American client who pleaded guilty November 4 to conspiring to defraud the IRS.

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This article appears in: Economy

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