A third Swiss bank, Finter Bank Zurich AG, reaches an agreement with the US Department of Justice (DoJ) and agrees to pay a fine of $5.414 according to the terms of the Non-Prosecution Agreement (NPA). Finter also agrees ‘to cooperate in any related criminal or civil proceedings, and demonstrate its implementation of controls to stop misconduct involving undeclared US accounts’ reports the DoJ.
According to the DoJ report ‘Finter provided services that allowed U.S. clients to eliminate the paper trail associated with the undeclared assets and income, including “hold mail” services and numbered and coded accounts. In addition, Finter assisted clients in using sham entities as nominee beneficial owners of undeclared accounts, solicited Forms W-8BEN that falsely stated under penalties of perjury that the sham entities beneficially owned the assets in the undeclared accounts, and provided cash cards and credits cards linked to the undeclared accounts’.
Finter has maintained 283 US-related accounts with an aggregate maximum balance of approximately $235m. It entered the US Tax Program in December 2013 under Category 2.