Good morning. Credit Suisse Group AG agreed to pay $475 million and forgive $200 million Mozambique owes to investors in coordinated settlements with U.S. and European authorities over loans the bank made in the country.

A subsidiary of the Swiss bank pleaded guilty to wire fraud conspiracy charges in New York federal court Tuesday. Credit Suisse, which previously had maintained it was a victim of rogue employees, admitted to defrauding investors who bought some of the debt and agreed to pay $275 million to resolve both a criminal probe by the Justice Department and a civil investigation by the Securities and Exchange Commission. 

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The U.K.’s financial regulator fined the bank $200 million and said the firm would forgive an additional $200 million of debt owed to investors by Mozambique. Switzerland’s financial regulator, citing failings around the Mozambique lending, put restrictions on Credit Suisse’s ability to make new loans to financially weak or corruption-prone countries and companies. It will also review existing loans that meet those criteria.

The settlements draw a line under an eight-year-old scandal that has seen three former Credit Suisse bankers plead guilty for their roles in siphoning hundreds of millions of dollars that the bank helped raise for companies owned by the African country’s government. The U.K. regulator said the loans, arranged in 2013 and 2014 and first reported by The Wall Street Journal, were “tainted by corruption.”

The Biden administration’s financial intelligence and sanctions units need significantly more funding and staff to combat national-security threats, including ones arising from ransomware and cryptocurrency markets, the Treasury Department’s second in command told lawmakers Tuesday.

The department needs additional funding to oversee expansive sanction programs, implement major new anti-money-laundering laws and protect the U.S. from terrorists, international criminal groups, state actors and other foes that have become increasingly adept at using an evolving global financial system for their activities, said Deputy Treasury Secretary Wally Adeyemo.

Facebook Inc. has agreed to pay a financial penalty as part of settlements with the U.S. government that had accused the social-media company of illegally reserving lucrative jobs for immigrant workers it was sponsoring for permanent residence instead of searching for and considering available U.S. workers.

Facebook will pay $4.75 million to the U.S. government and as much as $9.5 million to eligible victims of the alleged discrimination, the Justice Department said, in what it called the largest fine and financial award its civil-rights division has ever made.

Separately, the U.K. Competition and Markets Authority said Wednesday that it has fined Facebook Inc. £50.5 million, equivalent to $69.6 million, for breaching the initial enforcement order it imposed during its investigation into the company's purchase of Giphy.

CMA said that its investigation into Facebook's merger with Giphy is continuing and that it hasn't yet made a decision on the matter. The regulator also fined Facebook £500,000 for changing its chief compliance officer on two separate occasions without first seeking its consent.

Legislation to curb the influence of big technology companies, including putting new restrictions on online content, is starting to gain traction in Congress as lawmakers narrow their targets and seek to build on public attention.

A bipartisan group of senators including Amy Klobuchar (D., Minn.) and Chuck Grassley (R., Iowa) came out last week in favor of legislation that would prohibit dominant platforms from favoring their own products or services, boosting similar efforts already under way in the House.

• Officials from the Federal Bureau of Investigation on Tuesday conducted a raid of a Washington residence owned by the family of Russian metals tycoon Oleg Deripaska, who figured prominently in the post-2016 investigations of Trump campaign officials, an FBI spokeswoman said.
   
• Democrats are trying to salvage a proposal that would require banks to send more information about customers’ accounts to the IRS as a way of identifying unreported taxable income.

Some auditors need to more thoroughly assess companies’ reporting on revenue and credit losses in annual financial statements, the Public Company Accounting Oversight Board said in a report on Monday.

Many audits continue to contain deficiencies, said the U.S. audit watchdog, which inspected 153 audit firms. The PCAOB also reviewed portions of 617 audits conducted by these firms with fiscal years ending in 2019 or the first half of 2020, during the onset of the coronavirus pandemic in the U.S. That is down 12.6% and 13.1%, respectively, from a year earlier.

• North Korea fired what was suspected to be a submarine-launched ballistic missile off its east coast on Tuesday, Seoul’s military said, the first test of its kind in two years.
   
• The global upswing in trade is leaving the U.K. behind, an early sign of the challenge Brexit is presenting its economy.
   
• Moscow’s decision to halt its mission to NATO escalates a growing dispute with the alliance and complicates the Biden administration’s effort to manage deteriorating relations with Russia as it seeks to focus on China.

U.S. public companies added the most diverse slate of new directors on record to their boards over the past year, with a surge of Black nominees and elevated numbers of women and first-time directors, according to two new studies.

The gains were uneven, with about half of public-company boards adding no new members and smaller companies lagging behind their bigger counterparts, according to one of the studies, from the Conference Board and data analytics firm ESGauge. In addition, more companies of all sizes have started disclosing the racial and ethnic makeup of their boards.

• Jared Kushner’s family real-estate company is for the first time turning to a nonfamily member to lead the business, after the former senior White House adviser said that he wouldn’t be returning.
   
• Charter Communications Inc. promoted a company insider to the role of finance chief as part of a string of management changes unveiled ahead of President John Bickham’s retirement at the end of next year.

• Some workers opposed to vaccine mandates on the job are increasingly pointing to the same reason for their objection: They already had Covid-19.
   
• Real-estate software and data firm VTS has agreed to acquire an app company that aims to simplify office life as more workers are heading back to their desks.

Send comments to the Risk & Compliance editor, Jack Hagel, at jack.hagel@wsj.com

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