Swiss bank Credit Suisse said it was likely to pay a hefty $536-million (U.S.) to settle a U.S. probe into payments made between 2002 and 2007 involving parties that are subject to U.S. economic sanctions.

“Credit Suisse confirms that it is in advanced settlement discussions with the New York County District Attorney’s Office, the United States Department of Justice, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, and the Office of Foreign Assets Control,” it said in a statement late Tuesday.

“As part of the settlement, Credit Suisse is likely to pay a total of $536-million combined.”

More to come