Banque Cantonale Vaudoise paid a $41.677 million penalty over undeclared U.S. accounts

Summary

In December 2015, Banque Cantonale Vaudoise entered into a non-prosecution agreement with the U.S. Department of Justice under the Swiss Bank Program and agreed to pay a $41.677 million penalty. The Justice Department stated that the bank knew or had reason to know that some U.S. clients were not complying with their U.S. tax-reporting obligations. The bank provided services including hold mail, numbered or code-named accounts, accounts held through offshore structures, cash withdrawals and transfers that assisted some clients in concealing assets and income. Since August 2008, Banque Cantonale Vaudoise held approximately 2,088 U.S.-related accounts with total assets of approximately $1.3 billion. 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-banque-cantonale-vaudoise-reaches-resolution-under-swiss-bank