Vice Chairman of J. Safra Sarasin Holding Ltd., the Swiss private bank owned by billionaire Joseph Safra, confirmed it made provision for the potential settlement of the US Tax dispute. However, while announcing it 2014 results the bank did not confirmed it signed up under Category 2 of the US Program reports Bloomberg.

As a reminder The Category 2 banks are the banks 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).