The Neue Zuercher Zeitung comments on the open questions sent to the US Department of Justice (DoJ).
The article highlights that the rules are now. This will probably also have an impact on local banks who thought that they could sign in the US Program under Category 3 or 4 and are now rather part of the Category 2 banks. Category 3 and 4 are banks that have not engaged in activities that could have breached US laws, while Category 2 banks are the institutions that were not under investigation by the DoJ at the time of signature of the US Program but have reason to believe that they have committed tax-related offenses. The Category 2 banks need to deliver information about the cross-border business on US-related accounts and pay a fine that is based on a lump sum calculation for undeclared accounts. This would allow them to obtain a Non-Prosecution Agreement (NPA). The main difference could be that instead of having around 20 in Category 2 as previously supposed, we now talk of about 120 and the total penalty could jump closer to $10bn rather than 42bn.
The new statement brings some clarity for the Category 2 banks. The article then develops the statement made by the DoJ.