January 2, 2020

A private bank headquartered in Switzerland, Union Bancaire Privée, has agreed to pay an additional $14 million for its failure to comply in part with a 2016 non-prosecution agreement.  Between 2015 and 2016, DOJ had signed non-prosecution agreements with some 80 Swiss banks, imposing penalties of $1.36 billion in total for the banks’ role in facilitating fraud.  As part of the agreements, the banks were required to disclose all U.S.-related accounts that it knew or should have known about upon signing, and had agreed to continue disclosing all material information related to U.S. accounts thereafter; however, UBP failed to do so.  DOJ

Tagged in: Financial Institution Fraud,