Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

BSI SA to Pay $211 Million Penalty Under Swiss Bank Program

Jaclyn Jaeger | March 31, 2015

BSI SA, one of the 10 largest private banks in Switzerland, this week became the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. BSI will pay a $211 million penalty in exchange for a non-prosecution agreement for tax-related criminal offenses.

To be eligible to enter the program, which was established in 2013, Swiss banks were required to advise the Justice Department by Dec. 31, 2013, that they had reason to believe that they had committed tax-related criminal offenses in connection with undeclared U.S. -related accounts. “The Department’s Swiss Bank...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.