Credit Suisse-owned Clariden Leu has been
forced to follow its parent’s lead and pass on account details of
US clients to the Swiss Federal Tax Administration after an
official request from the US Internal Revenue Services (IRS).
Credit Suisse informed its US clients earlier
this week it will pass on their account information.
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The tax information exchange is possible due
to a 1996 double tax treaty between Switzerland and the US.
The IRS is seeking information on any accounts
held by US citizens, owned through an offshore company, that have
been maintained with various Swiss banks.
The request comes as part of an industry-wide
IRS investigation into cross-border private banking services
provided to US citizens at Credit Suisse and up to 11 other Swiss
banks.
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By GlobalData
