The US Department of Justice (DoJ) has reached a resolution with Swiss-based Hypothekarbank Lenzburg (HBL) over the tax evasion cases under the department’s Swiss Bank Program.
HBL has agreed to pay a penalty of $560,000 to avoid prosecution over allegations that it helped wealthy Americans evade taxes.
Under the terms of the non-prosecution deal, HBL also agreed to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to prevent misconduct involving undeclared US accounts and pay penalties.
In return, the US government will not prosecute Privatbank Von Graffenried for tax-related criminal offenses.
The US DoJ in a statement said HBL held a total of 96 US-related accounts with approximately $69.8m in assets since 1 August 2008.
The department added that the bank upon client request did not send mail associated with US accounts to the United States and also offered numbered accounts to its clients, a service by which access to information about an account, including the identity of the accountholder, was limited to only certain staff of HBL.