Credit Suisse has passed US client account
details to the Swiss Federal Tax Administration after an official
request from the US Internal Revenue Services (IRS).
The tax information exchange is possible due
to a 1996 double tax treaty between Switzerland and the US.
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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.
Credit Suisse sets aside CHF478m for
legal fees
In July, the Swiss bank said it had been
responding to requests for information, including subpoenas, from
the US Department of Justice and other US authorities.
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By GlobalDataIn February, Credit Suisse told PBI
it was co-operating with US authorities in their investigation
against four bankers charged with conspiring to help US clients
evade paying US taxes by hiding money in secret Swiss accounts.
Earlier this month, Credit Suisse’s wealth
management division reported a CHF34m ($38m) pre-tax Q3 loss after
the bank set aside CHF478m to pay for its cross-border tax
settlements with US and German authorities.
