Four Swiss banks have forged deals with the US Department of Justice to avoid possible prosecution for helping American citizens evade taxes.

As a part of the deal, the banks including Societe Generale Private Banking, MediBank, LBBW (Schweiz) and Scobag Privatbank will pay penalties ranging from $9,090 to $1.36m under the Swiss program launched by the Justice Department in 2013.

The scheme, that allows Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped US account holders conceal assets, will mandate the banks to provide detailed information on the accounts of US taxpayers under investigation.

Societe Generale Private Banking, based in Lugano, will pay $1.36m after managing more than 100 US-related accounts valued at approximately $140m since 2008 while MediBank will pay $826,000.

LBBW (Schweiz), based in Zurich, which held 35 US-related accounts with $128m in assets under management since August 2008, will pay $34,000 and Scobag Privatbank, based in Basel, will have to pay a penalty of $9,090.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

IRS-Criminal Investigation (CI) chief Richard Weber said: "These four additional bank agreements signal a change in terrain for offshore banking.

"No longer is it safe to hide money offshore and expect that it will not be discovered. ? IRS CI Special Agents will continue to follow the money to find those who circumvent the offshore disclosure laws and hold them accountable."