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Société Générale to Pay $17.8 Million Under Swiss Bank Program

Jaclyn Jaeger | June 12, 2015

The Department of Justice this week announced that two more banks—Société Générale Private Banking (SGPB-Suisse) and Berner Kantonalbank (BEKB)—have reached a resolution under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Société Générale will pay a $17.8 million penalty, and Berner Kantonalbank will pay a $4.6 million penalty, in return 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. Banks already under criminal investigation related to their Swiss-banking...

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