The US Department of Justice (DoJ) has reached a resolution with Swiss bank Ersparniskasse Schaffhausen, known as EKS, over the tax evasion cases under its Swiss Bank Program.
Under the deal, EKS agreed to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared US accounts and pay penalties. In return, EKS will not be prosecuted for tax-related criminal offenses.
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From 2004 through 2011, the Swiss bank accepted referrals of US citizens as new clients from an external asset manager who, until 2009, resided in the United States and conducted some of his business through a corporation organized under the laws of the US. The majority of the accounts that came to EKS as a result of these referrals were held in the names of non-U.S. entities that were beneficially owned by US persons, according to the US DoJ.
EKS, upon request, opened numbered accounts for US persons, including code-name or pseudonym accounts until 2009, the Justice Department said.
The Swiss Bank Program, which was announced on 29 August 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the US.
However, banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the program.
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By GlobalData
