Swiss bank Aargauische Kantonalbank (AKB) has reached resolution with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
The bank has agreed to pay a penalty of $1.98M to the US to avoid prosecution over allegations that it helped US citizens avoid paying taxes.
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Under the terms of the non-prosecution deal, the bank has agreed to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to prevent misconduct involving undeclared US accounts and pay penalties.
The US DoJ in a statement said that the bank held a total of 454 US related accounts with a maximum aggregate value of more than $639m from 2008 through 2014.
The bank offered a variety of traditional Swiss banking services that helped US taxpayers in concealing their identity from the Internal Revenue Service (IRS).
AKB has identified accounts only by number and agreed not to send any mail to US resident clients and also found that some US related accounts held untaxed funds, which were described within AKB as Schwarzgeld or black money.
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By GlobalDataThe department added that one of the bank’s clients withdrew over 100,000 Swiss francs in 2009 and over 180,000 Swiss francs in 2010 from her account.
The Swiss bank also helped US clients in sending money to themselves, relatives, business partners or other businesses in the US by issuing checks drawn on one of AKB’s bank accounts.
