On December 16, United States authorities fined Credit Suisse $536 million in penalties for violating US economic sanctions regarding financial activity in Iran and several other sanctioned countries. Investigators told media that the Swiss bank continued transactions after the bank decided to terminate its business in Iran in 2005. A Credit Suisse representative office however stayed open in Tehran until 2006. Investigators have also discovered that the bank altered more than 7,000 transfers, totaling approximately $700 million, from Iran into the US in order to disguise their origin, otherwise known as “stripping.” Furthermore, Credit Suisse is believed to have been teaching Iranian banks how to “strip” transfers, resulting in more than $1 billion in funds flowing into New York banks. A US Treasury department statement said that the bank appears to also have been illegally operating in Sudan, Libya, Myanmar, Cuba, and with the former Liberian regime of Charles Taylor. The case involves five different US authorities, including the Manhattan District Attorney’s Office, the US Justice Department and the Federal Reserve. The settlement is expected to be split between these authorities, with $268 million to be divided between New York City and state, the largest settlement ever secured by the Manhattan District Attorney’s office. Nine other banks are believed to be under investigation for similar sanctions violations, while Lloyd’s Banking Group has already reached a $350 million settlement for similar charges.