St. Galler Kantonalbank AG

In September 2015, St. Galler Kantonalbank AG entered into a non-prosecution agreement with the U.S. Department of Justice under the Swiss Bank Program and agreed to pay a $9.481 million penalty. According to the Justice Department, the bank provided services including hold mail and code-named or numbered accounts that assisted some U.S. clients in concealing assets and income from the IRS. It also accepted accounts from clients leaving banks under investigation, processed large cash withdrawals and issued checks in amounts below $10,000. Since August 2008, the bank held 626 U.S.-related accounts with approximately $303 million in assets under management. The resolution was a non-prosecution agreement and not a criminal conviction. Source / proof: U.S. Department of Justice: https://www.justice.gov/archives/opa/pr/justice-department-announces-two-banks-reach-resolutions-under-swiss-bank-program-0