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

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Author: 

Bruce Zagaris

Date Published: 

Thursday, April 9, 2015

Volume: 

31

Issue: 

4

Subject Areas: 

Bank Secrecy
Banking Supervision
Compliance
Confidentiality
Conspiracy
Disclosure
Financial Enforcement
Financial Supervision
Information Exchange
Inspection
International Banking Supervision
Investigation
Offshore Banking
Offshore trusts
Settlement
Tax Crimes
Tax Enforcement
Tax Havens

Geographic Identifier: 

Switzerland
United States

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.