Coutts & Co, which belongs to Royal Bank of Scotland, has registered under the Category 2 of the US Program. While these banks might have been helping US clients to evade tax, they are seeking a non-prosecution agreement granted if they come clean and pay fines.

Alexander Classen, CEO of Coutts & Co Ltd, welcomes the deadline extension given by the US Department of Justice to Category 2 Banks; in an interview with Reuters today he said “They [the DoJ] have fortunately extended some of the deadlines, which is good as the amount of work that’s required to trace in particular former clients is massive and is very resource-intensive.”Teh whold process is also very costly and Coutts estimates them between CHF 5 to 10m, but it could also be higher.