SB Saanen Bank and Privatbank Bellerive respectively managed $62m and c.a. $69m of US-related money, but will pay very different fines, i.e. $1.3m for SB Saanen Bank and $57k Privatbank Bellerive. The big difference is explained by the business strategy approach of the two banks says the Agefi. SB Saanen Bank committed a high number of infractions regarding US regulations and actively marketed the market segment. It held 110 accounts, some of which it knew where undeclared and helped hiding money from the Inland Revenue Service (IRS). Privatbank Bellerive on the contrary positioned itself as not willing to acquire US client after fall 2008 and prohibited its bankers to actively engage with US clients.
They both obtained a Non-Prosecution Agreement from the US Department of Justice (DoJ) under the US Tax Program.