Swiss bank Valiant has said it would participate in US tax probe brokered by the Swiss and US governments because it could not say definitively that all its US clients paid their taxes.
"The costs of the US program will not jeopardize the financial stability of Valiant in any way. This decision does not endanger the distribution of an unchanged dividend," Valiant said in a statement.
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Valiant added that an internal review showed it had never actively sought US clients or visited Americans to drum up business.
The bank revealed that less than 0.1% of its clients were American.
On 29 August 2013, Switzerland signed deal with the US Department of Justice to end banking secrecy on undeclared American clients.
Under the programme, Swiss banks which are not yet under investigation have been given time until the end of the year to decide whether they will join the voluntary US tax disclosure program or risk costly prosecution.
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By GlobalDataPost deadline, Swiss banks face risk of potential fines as high as 50% of assets managed by them on behalf of their American clients.
