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Not long ago, U.S. settlements in the hundreds of millions of dollars for violations of American law by a foreign bank seemed unlikely, if not out of the realm of possibility altogether. Then came the $780 million deferred prosecution agreement with UBS AG in 2009.
Facing the possibility of stiff monetary settlements, several Swiss banks are threatening to seize funds from U.S. clients who refuse to declare their offshore accounts to the Internal Revenue Service.
Credit Suisse is unlikely to turn over the names of some suspected tax cheats even if the United States adopts a pending bilateral tax agreement with Switzerland, bank representatives told lawmakers Wednesday.
Despite five years of negotiations with Credit Suisse, the U.S. Justice Department has identified only one percent of the bank's American clients it suspects of dodging taxes, according to lawmakers.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
The National Futures Association fined NCMFX, Inc. $12,500 for anti-money laundering deficiencies, Turkey's parliament began deliberations on a bill aimed at curbing terrorist financing, and more, in this week's roundup.
A former Bank Julius Baer official is weighing turning over data on suspected tax cheats to U.S. and Indian officials after the Swiss government declined to investigate his allegations.
The U.S. government will ask Credit Suisse to turn over information on more than 1,000 accountholders as part of an ongoing criminal tax probe, according to an individual familiar with the matter.
After over a year of negotiations with UBS AG, U.S. officials will have more leverage to reach a settlement with another Swiss bank that may have helped American citizens hide taxable assets.
India proposes new anti-money laundering measures, two brothers are indicted in Miami over alleged laundering of drug proceeds, and more, in this week's roundup.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
With the $536 million penalty for sanctions violations still fresh in the minds of compliance officers, Credit Suisse faces new problems. On Sunday, Reuters reported that Germany is currently investigating 1,100 Credit Suisse clients for suspected tax evasion violations.
The chief investigator of sanctions violations at Lloyds TSB Bank and Credit Suisse speaks with Editor-in-Chief Kieran Beer about the unprecedented penalties and the need for federal beneficial ownership legislation.
A nearly $540 million fine against Credit Suisse AG for facilitating illicit transactions for Iran is sending a message to the financial industry: large sanctions penalties are here to stay.
Credit Suisse AG will pay $536 million as part of an agreement to settle charges that it provided banking services to entities that were the subject of U.S. economic sanctions, according to a statement released by the bank today.
In a letter sent to SEC Chairman Christopher Cox on Thursday, Frank, chairman of the House Financial Services Committee, said the list unfairly includes companies that have divested, or have negligible business dealings, in these countries.
The sanctions put pressure on U.S. banks to conduct greater due diligence on correspondent accounts to determine if they are linked to the Middle Eastern nation. That will likely continue a trend of foreign institutions dropping business dealings with the country.
