Switzerland-based Valartis Bank has decided not to participate in the US tax programme for Swiss Banks for the time being.
The decision follows a detailed review procedure by the board of directors of Valartis Bank under Category 2.
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However, the bank added that it will decide at a later stage whether to register for Category 3 or not to participate at all.
Under the programme, Swiss banks which are not yet under investigation have been given time until the end of the year to decide whether they will join the voluntary US tax disclosure program or risk costly prosecution.
Post deadline, Swiss banks face risk of potential fines as high as 50% of assets managed by them on behalf of their American clients.
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By GlobalData
