Luzerner Kantonalbank paid an $11.031 million penalty over undeclared U.S. accounts

Summary

In October 2015, Luzerner Kantonalbank AG entered into a non-prosecution agreement with the U.S. Department of Justice under the Swiss Bank Program and agreed to pay an $11.031 million penalty. The Justice Department stated that the bank offered services including hold mail, numbered accounts, accounts held through non-U.S. entities and insurance-wrapped accounts that assisted some U.S. taxpayers in concealing their identities, assets and income from the IRS. Since August 2008, Luzerner Kantonalbank held 595 U.S.-related accounts totaling approximately $300 million. 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-four-banks-reach-resolutions-under-swiss-bank-program