BSI is the First Bank to Reach Settlement in U.S. DOJ Voluntary Disclosure Program for Swiss Banks

IMPORTANT: The full content of this page is available to premium users only.

Thursday, April 9, 2015
Author: 
Bruce Zagaris
Volume: 
31
Issue: 
4
Abstract: 

On March 30, 2015, the U.S Department of Justice (DOJ) announced that BSI SA of Lugano, Switzerland, one of the ten largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program.  In exchange for the DOJ’s agreement not to prosecute BSI for tax-related criminal offenses, it will pay $211million in penalties.  It agrees to cooperate in any related criminal or civil proceedings, and show its implementation of controls to stop misconduct involving undeclared U.S. accounts.