BSI is the first Swiss bank of the US Tax Program in Category 2 to sign an Non-Prosecutation Agreement (NPA) with the US Department of Justice (DoJ).

The DoJ says that ‘According to the terms of the non-prosecution agreement signed today, BSI 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 a $211 million penalty in return for the department’s agreement not to prosecute BSI for tax-related criminal offenses’.

BSI had more than 3,000 active US-related accounts after 2008, many of which the bank knew were not disclosed to the IRS.