Schaffhauser Kantonalbank (SHKB)has reached a solution with the US Department of Justice (DoJ). The bank took part in the US Tax Program under Category 2, i.e. banks that had reason to believe that they had committed tax-related criminal offenses in connection with undeclared US-related accounts, and will sign a Non-Prosecution Agreement (NPA) and pay a fine.
The DoJ says that ‘According to the terms of the non-prosecution agreement signed, SHKB agrees to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared U.S. accounts and pay penalties in return for the department’s agreement not to prosecute this bank for tax-related criminal offenses’.
The DoJ says that the banks has cooperated with the department and provided information about its US-related accounts. The bank pushed about 24 of its accounts to entered into an IRS Voluntary Disclosure Program or Initiative. Moreover, SHKB has obtained waivers of Swiss bank secrecy for approximately 87 percent of its US-related accounts and has provided customer names for those accounts to the US government.
In the Schaffhauser Kantonalbank’s NPA, we learn that since August, 2008, the bank held a total of 182 US-related accounts with approximately $84.5m in assets under management. SHKB will pay a penalty of $1.613m.