Swiss banks Bank Zweiplus and Banca dello Stato del Cantone Ticino (Banca Stato) have signed an agreement with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The programme requires Swiss firms to reveal how they helped wealthy American citizens evade taxes.
Under the deal, Bank Zweiplus has agreed to pay $1.08m and Banca Stato will pay $3.39m in penalties to the US to avoid prosecution over allegations accusing them of helping Americans evade taxes.
As per the terms of the non-prosecution agreements, the bank has agreed to cooperate in any related criminal or civil proceedings and demonstrate implementation of controls to prevent misconduct.
The DoJ said that Bank Zweiplus maintained and serviced 44 US related accounts with an aggregate value of $12.1m since 1 August 2008.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe bank said that it cooperated with the DoJ under the US tax program and encouraged its US customers to enter the IRS offshore voluntary disclosure program.
Bank Zweiplus maintained numbered accounts and structured accounts which were owned by US persons including structures in the British Virgin Islands and the Bahamas.
Banca Stato had maintained a total of 187 US related accounts with a total value of approximately $137m. The bank offered banking services including hold mail and code name or numbered accounts to help US clients in concealing assets from IRS. It also allowed US clients to direct repeated wire transfers between $9,000 and $9,900.
Justice Department tax division acting assistant attorney general Caroline D. Ciraolo said: "The banks are paying penalties, making necessary reforms and providing information and cooperation that are enabling the department to hold accountable those individuals that facilitated this misconduct."
