U.S. prosecutors and state regulators fined Bank Hapoalim, Israel's largest lender by assets, $874 million Thursday after accusing its Swiss private banking subsidiary of helping hundreds of clients evade billions of dollars in U.S. taxes for more than a decade. In a parallel action also announced Thursday, federal prosecutors in Brooklyn separately fined Hapoalim's Swiss subsidiary, BHS, $30 million after finding that several of the bank's employees knowingly circumvented compliance controls in facilitating dozens of bribe payments to senior officials at world soccer governing body FIFA as recently as 2015. Prosecutors said that from 2002 to 2014, BHS raked in...
The Board of Governors of the Federal Reserve System issued a civil monetary penalty against the Tel Aviv, Israel-based financial institution requiring it to pay a $37,350,000 fine for unsafe and unsound practices resulting in violations of U.S. tax laws.
The U.S. Justice Department entered into a non-prosecution agreement with the Tel Aviv, Israel-based financial institution and its Swiss subsidiary, under which they agreed to pay a $9,329,995 fine and forfeit $20,733,322 to resolve an investigation into their role in a money laundering conspiracy.
The New York State Department of Financial Services entered into a consent order with the Tel Aviv, Israel-based bank and its New York branches requiring it to pay $220 million penalty for knowingly facilitating clients' evasion of state and federal taxes.