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U.S. federal prosecutors are close to bringing charges against Credit Suisse and BNP Paribas in two unrelated cases, the New York Times reports.

The investigation into Credit Suisse relates to tax shelters it offered its American customers. The one into BNP Paribas is about the bank’s business deals with troubled countries like Sudan, the Times reports.

Read: U.S. probe into Swiss accounts reads like spy thriller

Other major banks are under investigation and could face criminal charges as the American justice system works to address popular sentiment that the banks are “too big to jail,” the Times reports.

BNP Paribas also said today that its $1.1-billion contingency fund for regulatory fines may not be enough to handle a settlement or fine.

Read more here.

Also read:

BNP Paribas predicts more than $1.1B in fines

EU throws out challenge to financial transaction tax

Originally published on Advisor.ca

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