Several Swiss cantonal banks have agreed will to take part in US tax probe brokered by the Swiss and US governments.
Financial institutions – Aargau, St. Gallen, Zug, Graubünden, Lucerne, Vaud, Geneva and Nidwalden – have opted to place themselves in category two on the grounds that they cannot rule out the possibility that they may have clients who evaded taxes in the US, according to swissinfo.ch.
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Another regional bank Schwyz chose category four, stating it did not have US residents as clients and had very few clients with an American passport. The cantonal banks of Basel Country, Appenzell, Glarus and Uri have also joined this category.
Swiss banks have until the end of the year to take part in the deal struck with the US and signed in August.
The deal is part of a US drive to lift the veil of Swiss bank secrecy. In 2009, this led to UBS paying US$780 million in a settlement where the bank agreed to hand over US client names with secret Swiss accounts.
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