On May 8, Switzerland-based Vadian Bank AG (“Vadian”), reached a resolution with DOJ’s Swiss Bank Program.  Announced in 2013, the Swiss Bank Program allows eligible Swiss banks to resolve potential criminal liability in the United States regarding tax-related offenses for undeclared U.S. accounts.  In the resolution, Vadian agreed to cooperate in criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared U.S. accounts, and pay a $4,253,000 penalty, in exchange for DOJ’s agreement not to prosecute Vadian for tax-related criminal offenses.  Prior to the agreement, Vadian accepted accounts from U.S. persons who were forced out of other Swiss banks after the investigation into UBS in 2008.  Vadian further assisted its clients in concealing assets and income from the IRS.  DOJ Press Release

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