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Zurcher Kantonalbank Deferred Prosecution Agreement

The deal began in 2018 after a seven-year tax dispute. In a case filed with the U.S. District Court in Manhattan, a federal prosecutor said the U.S. government was dropping charges against the bank for its “full compliance with the August 2018 agreement.” The agreement signed between the U.S. Department of Justice (DoJ) and Zürcher Kantonalbank (ZKB) on the postponement of the prosecution will be terminated, the bank announced Tuesday. The United States has terminated a three-year contract for deferred lawsuits with Zürcher Kantonalbank for the Swiss bank`s previous transactions with U.S. customers. Earlier this year, Swiss private bank Julius Baer signed a deferred prosecution agreement with the DOJ in 2016 to help Americans evade taxes. U.S. ends deferred lawsuits with Zürcher Kantonalbank The 2018 deal referred to allegations that the bank helped more than 190 U.S. customers avoid tax burdens by hiding accounts.

Zürcher Kantonalbank paid a fine of $98.5 million in the case. Zürcher Kantonalbank has concluded the U.S. Department of Justice`s investigation into the bank`s legacy business with U.S. customers with a deferred prosecution agreement (DPA), under which it will pay $98.5 million. The agreement will not have a negative impact on the Bank`s financial results in 2018. The deal, which began in 2018, dealt with the bank`s previous business with U.S. customers. The Attorney General`s Office for the Southern District of New York determined that the bank had fully complied with its obligations under the DPA over the past three years and therefore filed a motion to dismiss the charges in court, which was granted by the appropriate court in New York. The government decided not to sue the Swiss lender after paying $98.5 million and honoring a three-year agreement to defer prosecutions, Reuters reported. The ZKB agreed in August 2018 to pay $98.5 million to the U.S.

Department of Justice (DOJ) and settled a seven-year investigation into the charges. Insight Weekly: Credit growth for U.S. banks; Record share buybacks; In May last year, Israel`s Hapoalim bank agreed to pay a fine of nearly $875 million to settle allegations that it helped wealthy American taxpayers hide money in secret offshore accounts. The ZKB case was part of the U.S. government`s broad crackdown on offshore tax evasion. © 2022 All rights reserved. The Justice Department noted that between 2002 and 2013, the bank managed about 2,000 undeclared accounts for its U.S. customers who evaded more than $39 million in taxes. The bank said nov. 16 that the Southern District Attorney`s Office of New York filed a motion to dismiss the case after finding it had fully complied with the terms of the agreement.

The bank expects that a current employee and a now retired employee, who were indicted in 2012 in connection with the U.S. tax case, will soon be able to finalize their litigation. “Over the past three years, we have worked closely with the authorities and meet all regulatory and legal requirements. We are therefore very pleased with this decision,” said Martin Scholl, CEO of ZKB. The bank admitted that it had worked with U.S. taxpayers to hide more than $7.6 billion in more than 5,500 secret Swiss and Israeli internal revenue service bank accounts. Martin Scholl, CEO: “With the settlement, we have now been able to close this long-standing deal. I would like to thank our owner as well as our customers and employees for their continued support and trust in Zürcher Kantonalbank. Dr.

Jörg Müller-Ganz, Chairman of the Board of Directors: “We are relieved that after seven years we were able to conclude the investigation after a factual dialogue with the US authorities. The solution that has just been found marks the end of this affair and removes all the uncertainties associated with it. We look forward to advancing the positive development of our bank. Thanks to its strong capitalization and strong market position, Zürcher Kantonalbank is well positioned for its future success. The payment of Zürcher Kantonalbank to the US authorities will not have a negative impact on the 2018 financial result, the soundness of the capital or the distribution of profits to the canton and municipalities. Since 2009, Zürcher Kantonalbank has successively adjusted its cross-border wealth management activities. It is committed to adopting a commercial policy strictly in line with taxation and focuses on selected key markets with a focus on Europe in terms of geographical coverage. The DoJ claimed that between 2002 and 2009, ZKB used code words to hide the identity of U.S. customers, open and maintain accounts for U.S. customers in non-U.S. structures, and conduct new business through, a third-party website that led to the opening of ZKB accounts. The ZKB and two of its bankers admitted the allegations.

2021 Review: Highlighting Investment Bank`s Key Trends Zürcher Kantonalbank today announced that it has reached an agreement with the U.S. Department of Justice (DoJ) as part of its historical business with U.S. clients. As part of this settlement, the bank accepted a payment of $98.5 million. As Citywire Switzerland has already reported, ZKB committed to pay CHF 97.8m in 2018 after a seven-year tax dispute. The bank had been accused of “conspiring to help U.S. tax clients evade their U.S. tax obligations, file false federal tax returns, and hide hundreds of millions of dollars in offshore bank accounts at ZKB.” The U.S.

government has decided to drop the criminal complaint against the Swiss Kantonalbank zurich (ZKB) for helping wealthy U.S. customers evade their tax obligations through undeclared bank accounts. According to court documents, the $98.5 million payment included a $35.1 million fine, as well as a refund and forfeiture. In December 2019, HSBC`s Swiss private banking division agreed to pay $192.35 million to U.S. authorities to resolve fees that had helped wealthy U.S. customers avoid taxes. .