Schroder & Co. Bank AG has reached a solution with the US Department of Justice (DoJ) under the US Tax Program, has signed a Non-Prosecution Agreement (NPA), and will pay a $10.354m penalty.

The bank serviced undeclared accounts after 2008 and even receievd 8 US-related clients that left UBS after 2008 in the names of sham structures such as trusts, foundations and foreign corporations. Moreover, between 2004 and 2008, four Schroder employees traveled to the US in connection to US-related accounts. In 2008 UBS AG publicly announced that it was the target of a criminal investigation by the Internal Revenue Service (IRS) and the DoJ, and that it would be exiting and no longer accepting certain US clients.

In the bank’s NPA we learn that since August, 2008, Schroder Bank had 243 US-related accounts with a maximum amount of $506m in assets under management. Schroder Bank will pay a $10.354m penalty.