A significant settlement in a U.S. tax fraud case against Credit Suisse contains numerous compliance lessons related to beneficial ownership and due diligence in mergers and acquisitions.
Credit Suisse and its parent bank, UBS, agreed to pay a total of $511 million in fines and enter a non-prosecution agreement (NPA) with the U.S. Department of Justice (DOJ), the agency announced Monday. This would settle long-standing allegations that Credit Suisse helped American high-net-worth customers hide the true ownership of $4 billion so they could avoid paying U.S. taxes.
