The Justice Department ended this phase of its Swiss Bank Program, which, since March 30, 2015, has provided a path for 80 Swiss banks to resolve potential criminal liability in the United States. The Department has imposed a total of more than $1.36 billion in penalties under the Program.  In exchange for complying with certain requirements, including complete disclosure of possible tax-related criminal offenses in connection with undeclared U.S.-related accounts, the banks entered into non-prosecution agreements (“NPAs”) with DOJ.  Under the NPAs, each bank must cooperate in related criminal or civil proceedings, show implementation of controls to stop tax-related misconduct, and pay penalties.  To mitigate its penalty, each bank will encourage its U.S. account holders to become compliant with their U.S. tax and disclosure obligations, including through participation in the IRS Offshore Voluntary Disclosure Program.  In January, three additional banks entered into NPAs with the Department.

BANK NAME DATE PENALTY NPA
Union Bancaire Privée, UBP SA 1/6/16 $187m NPA and Statement of Facts (“SOF”)
Leodan Privatbank AG 1/20/16 $500,000 NPA and SOF
HSZH Verwaltungs AG 1/27/16 $49.76m NPA and SOF

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