Swiss banks PKB Privatbank, Falcon Private Bank and Credito Privato Commerciale in liquidazione SA (CPC) have reached resolutions with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
Under the deal, PKB Privatbank AG will pay $6.3m, Falcon Private Bank will pay $1.8m and Credito Privato Commerciale in liquidazione SA will pay $348,900 in penalties to avoid prosecution over allegations accusing them of helping Americans evade taxes.
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The banks have also agreed to cooperate in any related criminal or civil proceedings and demonstrate implementation of controls to prevent misconduct.
This brings to 25 the number of Swiss banks that have reached settlements under the voluntary program set up in 2013.
The United States aims to reach accords with all 100 eligible Swiss banks by the end of 2015.
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By GlobalData
