Switzerland-based Bank EKI Genossenschaft has reached resolution with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
Under the deal, the bank has agreed to pay a $400,000 in penalties to the US to avoid prosecution over allegations that it may have helped US citizens avoid paying taxes.
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As per the terms of the non-prosecution agreements, the bank has agreed to cooperate in any related criminal or civil proceedings and demonstrate implementation of controls to prevent misconduct.
The DoJ said that Bank EKI maintained 64 US related accounts with a maximum aggregate assets of $21m since 2008.
The bank opened, serviced and profited from accounts for US clients with the knowledge that many were likely not complying with their tax obligations.
The bank did not implement an effective system of supervisory policies, procedures or controls over its relationship managers to increase its US related clients’ tax compliance.
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By GlobalDataBank EKI offered hold mail services, pursuant to which it would hold all mail correspondence for a particular client to assist US clients in concealing assets from the Internal Revenue Service (IRS), eth department revealed.
Founded in 1852, Bank EKI operates small branch offices in Bönigen, Wilderswil, Grindelwald and Lauterbrunnen, Switzerland.
