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William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘Swiss Bank’

Four More Go Down But One Receives Get Out Of Jail for Free Card

Posted by William Byrnes on August 6, 2015

A couple days ago Bank EKI Genossenschaft (Bank EKI) entered into a non prosecution agreement Justice logowith the US Department of Justice, admitting it assisted US taxpayer with tax evasion.  Privatbank Reichmuth & Co., Banque Cantonale du Jura SA and Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA then today announced their non-prosecution agreements. One bank will pay no penalty, while the other three will pay penalties $400,000, $2.6 million, and $970,000 respectively, and turn over client records.

The banks started with 201 clients among them in 2008, but one bank closed its non-compliant accounts and thus has been received a “get out of jail” free.

read about each bank’s nefarious activities and resolution thereof on International Financial Law Prof Blog

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One of the 10 Largest Swiss Private Banks Enters Into Non-Prosecution Agreement with DOJ

Posted by William Byrnes on March 31, 2015

DOJ announced that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program.  106 Swiss banks have sought non-prosecution agreements.  read the details at International Financial Law Prof Blog.

image from www.lexisnexis.comThe International Financial Law Professor Blogger William Byrnes is the author of Money Laundering, Asset Forfeiture and Recovery, and Compliance- A Global Guide is an eBook designed to provide the compliance officer, BSA counsel, and government agent with accurate analyses of the AML/CTF Financial and Legal Intelligence, law and practice in the nations of the world with the most current references and resources.  Special topic chapters will assist the compliance officer design and maintain effective risk management programs.  Over 100 country and topic experts from financial institutions, government agencies, law, audit and risk management firms have contributed analysis to develop this practical compliance guide.

Posted in FATCA, Financial Crimes | Tagged: , , , | Leave a Comment »

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