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Two More NPAs Reached Under Swiss Bank Program

Jaclyn Jaeger | June 19, 2015

The Department of Justice today announced that two more banks—Bank Linth (Bank Linth) and Bank Sparhafen Zurich AG (BSZ)—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. Bank Linth will pay a $4.1 million penalty, and BSZ will pay a $1.8 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...

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