Deferred Prosecution Agreement (DPA)

Deferred Prosecution Agreement (DPA)

Deferred Prosecution Agreement (DPA)

Deferred Prosecution Agreements (DPA): Sometimes when the US government uncovers a potential fraud, they still require additional information and help from inside the organization or group subject to the investigation in order to get a better grasp on what’s going on — and to build their case. In around 2009, the United states began entering into deferred prosecution agreements with different countries other matters involving Swiss bank and financial institution fraud. One of (if not) the first DPA with a major Swiss institution was with UBS, in 2009. Following the UBS and US agreement,  several Foreign Financial Institutions throughout Switzerland and beyond entered into deferred or non-prosecution agreements with the US. Under the agreement, the institution acknowledges aiding and assisting US persons with opening accounts in Switzerland in order to avoid detection in the United states — this is a form of tax fraud as well as FinCEN Violations. 

Swiss Bank Program & Deferred Prosecution Agreements

As a result of the rampant bank and financial fraud in Switzerland and involving US persons, the United states developed a separate Swiss Bank Program to facilitate institutions throughout Switzerland with entering into these agreements. The institution acknowledges their misconduct, but avoids criminal investigations by agreeing to cooperate with the United States and provide  US account Holder information to the Department of Justice.

The US has entered into several deferred prosecution agreements with the IRS.

As provided by the DOJ:

    • The Swiss Bank Program, which was announced on August 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States.  Swiss banks eligible to enter the program were required to advise the department by Dec. 31, 2013, that they had reason to believe that they had committed tax-related criminal offenses in connection with undeclared U.S.-related accounts.  Banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the program.

    • The Tax Division made comments on the Swiss Bank program on November 5, 2013, and June 5, 2014.

    • Under the program, banks are required to:

    • Make a complete disclosure of their cross-border activities;

    • Provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest;

    • Cooperate in treaty requests for account information;

    • Provide detailed information as to other banks that transferred funds into secret accounts or that accepted funds when secret accounts were closed;

    • Agree to close accounts of accountholders who fail to come into compliance with U.S. reporting obligations; and

    • Pay appropriate penalties.

    • Swiss banks meeting all of the above requirements are eligible for a non-prosecution agreement.

Current List of Swiss Bank Program Agreements

Here is a list of the most recent Swiss Deferred Prosecution Agreements (the DOJ page has not been updated yet to include Rahn + Bodmer.

NUMBER BANK NAME DATE PRESS RELEASE NPA and Attachments
1 BSI SA 3/30/15 Press Release
NPA and SOF (176.16 KB)
Statement of Facts (209.47 KB)
Board Resolution (64.37 KB)
2 Vadian Bank AG 5/8/15 Press Release NPA and SOF (406.6 KB)
3 Finter Bank Zurich 5/15/15 Press Release NPA and SOF (24.14 MB)
4 Société Générale Private Banking (Lugano-Svizzera) 5/28/15 Press Release NPA and SOF (403.13 KB)
5 MediBank AG 5/28/15 Press Release NPA and SOF (315.33 KB)
6 LBBW (Schweiz) AG 5/28/15 Press Release NPA and SOF (338.89 KB)
7 Scobag Privatbank AG 5/28/15 Press Release NPA and SOF (396.38 KB)
8 Rothschild Bank AG 6/3/15 Press Release NPA and SOF (444.58 KB)
9 Banca Credinvest SA 6/3/15 Press Release NPA and SOF (506.47 KB)
10 Société Générale Private Banking (Suisse) SA 6/9/15 Press Release NPA and SOF (433.58 KB)
11 Berner Kantonalbank AG 6/9/15 Press Release NPA and SOF (411.23 KB)
12 Bank Linth LLB AG 6/19/15 Press Release NPA and SOF (566.31 KB)
13 Bank Sparhafen Zurich AG 6/19/15 Press Release NPA and SOF (439.96 KB)
14 Ersparniskasse Schaffhausen AG 6/26/15 Press Release NPA and SOF (3.16 MB)
15 Privatbank Von Graffenried AG 7/2/15 Press Release NPA and SOF (5.13 MB)
16  Banque Pasche SA 7/9/15 Press Release NPA and SOF (4.05 MB)
17 ARVEST Privatbank AG 7/9/15 Press Release NPA and SOF (3.84 MB)
18 Mercantil Bank (Schweiz) AG 7/16/15 Press Release NPA and SOF (336.05 KB)
19 Banque Cantonale Neuchâteloise 7/16/15 Press Release NPA and SOF (353.24 KB)
20 Nidwaldner Kantonalbank 7/16/15 Press Release NPA and SOF (383.84 KB
21 SB Saanen Bank AG 7/23/15 Press Release NPA and SOF (4.14 MB)
22 Privatbank Bellerive AG 7/23/15 Press Release NPA and SOF (3.19 MB)
23 PKB Privatbank AG 7/30/15 Press Release NPA and SOF (3.19 MB)
24 Falcon Private Bank AG 7/30/15 Press Release NPA and SOF (3.97 MB)
25 Credito Privato Commerciale in liquidazione SA 7/30/15 Press Release NPA and SOF (2.24 MB)
26 Bank EKI Genossenschaft 8/3/15 Press Release NPA and SOF (5.59 MB)
27 Privatbank Reichmuth & Co. 8/6/15 Press Release NPA and SOF (3.49 MB)
28 Banque Cantonale du Jura SA 8/6/15 Press Release NPA and SOF (4.57 MB)
29 Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA 8/6/15 Press Release NPA and SOF (3.62 MB)
30 Bank Zweiplus Ag 8/20/15 Press Release NPA and SOF (3.37 MB)
31 Banca dello Stato del Cantone Ticino 8/20/15 Press Release NPA and SOF (3.88 MB)
32 Hypothekarbank Lenzburg AG 8/27/15 Press Release NPA and SOF (392.71 KB)
33 Schroder & Co. Bank AG 9/3/15 NPA and SOF (4.04 MB)
34 Valiant Bank AG 9/10/15 Press Release NPA and SOF (13.3 MB)
35 Bank La Roche & Co AG 9/15/15 Press Release NPA and SOF (344.31 KB)
36 St. Galler Kantonalbank AG 9/17/15 Press Release NPA and SOF (1.49 MB)
37 E. Gutzwiller & Cie, Banquiers 9/17/15 Press Release NPA and SOF (2.28 MB)
38 Migros Bank AG 9/25/15 Press Release NPA and SOF (503.35 KB)
39 Graubündner Kantonalbank 9/25/15 Press Release NPA and SOF (390.52 KB)
40 BHF-Bank (Schweiz) AG 10/1/15 Press Release NPA and SOF (2.44 MB)
41 Schaffhauser Kantonalbank 10/8/15 Press Release NPA and SOF (897.82 KB)
42 BBVA Suiza S.A. 10/16/15 Press Release NPA and SOF (2.74 MB)
43 Piguet Galland & Cie SA 10/23/15 Press Release NPA and SOF (2.79 MB)
44 Luzerner Kantonalbank AG 10/29/15 Press Release NPA and SOF (391.78 KB)
45 Habib Bank AG Zurich (HBZ) 10/29/15 Press Release NPA and SOF (509.23 KB)
46 Banque Heritage S.A. 10/29/15 Press Release NPA and SOF (352.61 KB)
47 Hyposwiss Private Bank Genève S.A. 10/29/15 Press Release NPA and SOF (425.12 KB)
48 Banque Bonhôte & Cie SA 11/3/15 Press Release NPA and SOF (368.33 KB)
49 Banque Internationale à Luxembourg (Suisse) SA 11/12/15 Press Release NPA and SOF (400.06 KB)
50 Zuger Kantonalbank 11/12/15 Press Release NPA and SOF (382.13 KB)
51 Standard Chartered Bank (Switzerland) SA 11/13/15 Press Release NPA and SOF (472.58 KB)
52 Maerki Baumann & Co. AG 11/17/15 Press Release NPA and SOF (460.31 KB)
53 BNP Paribas (Suisse) SA 11/19/15 Press Release NPA and SOF (497.99 KB)
54 KBL (Switzerland) Ltd. 11/19/15 Press Release NPA and SOF (469.25 KB)
55 Bank CIC 11/19/15 Press Release NPA and SOF (388.06 KB)
56 Privatbank IHAG Zürich AG 11/24/15 Press Release NPA and SOF (464.83 KB)
57 Deutsche Bank (Suisse) SA 11/24/15 Press Release NPA and SOF (431.79 KB)
58 EFG Bank European Financial Group SA, Geneva, and EFG Bank AG 12/3/15 Press Release NPA and SOF (588.89 KB)
59 Aargauische Kantonalbank 12/8/15 Press Release NPA and SOF (468.96 KB)
60 Cornèr Banca SA 12/10/15 Press Release NPA and SOF (446.77 KB)
61 Bank Coop AG 12/10/15 Press Release NPA and SOF (404.48 KB)
62 Crédit Agricole (Suisse) SA 12/15/15 Press Release NPA and SOF (454.09 KB)
63 Dreyfus Sons & Co Ltd, Banquiers 12/15/15 Press Release NPA and SOF (512.32 KB)
64 Baumann & Cie, Banquiers 12/15/15 Press Release NPA and SOF (453.32 KB)
65 Bordier & Cie Switzerland 12/17/15 Press Release NPA and SOF (394.78 KB)
66 PBZ Verwaltungs AG 12/17/15 NPA and SOF (582.22 KB)
67 PostFinance AG 12/17/15 NPA and SOF (385.3 KB)
68 Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) SA 12/18/15 Press Release NPA and SOF (480.3 KB)
69 Bank J. Safra Sarasin AG 12/23/15 Press Release NPA and SOF (447.66 KB)
70 Coutts & Co Ltd 12/23/15 Press Release

NPA and SOF (460.87 KB)

Coutts

71 Gonet & Cie 12/23/15 Press Release NPA and SOF (372.35 KB)
72 Banque Cantonal du Valais 12/23/15 Press Release NPA and SOF (481.25 KB)
73 Banque Cantonale Vaudoise 12/23/15 Press Release NPA and SOF (392.63 KB)
74 Bank Lombard Odier & Co Ltd 12/31/15 Press Release NPA and SOF
75 DZ Privatbank (Schweiz) AG 12/31/15 Press Release NPA and SOF
76 Union Bancaire Privée, UBP SA 1/6/16 Press Release

NPA and SOF (495.2 KB)

UBP Addendum

77 Leodan Privatbank AG 1/20/16 Press Release NPA and SOF (496.86 KB)
78 HSZH Verwaltungs AG 1/27/16 Press Release NPA and SOF (756.21 KB)
79 NPB Neue Privat Bank 7/18/18 Press Release

NPB Executed

Signed Resolution

Statement of Facts

80 Mirelis Holding 7/24/18 Press Release

NPA and SOF

81 Lombard Odier 7/31/18 Press Release NPA Addendum
82

Banque Bonhote & Cie SA 

7/19/19 Press Release  Banque Bonhote & Cie SA Addendum
83 Coutts & Co Ltd 12/23/19 Press Release  Coutts & Co Ltd – Addendum
84 Union Bancaire Privée, UBP SA 1/6/20 Press Release  Union Bancaire Privée, UBP SA – Addendum

Deferred Prosecution Agreements are Still Active

In conclusion, the US Government still pursues foreign banks and other financial institutions and pressures them to get them to enter into deferred prosecution agreements in order to uncover US Account Holders with secret or hidden accounts. If you are in this situation, you may consider entering into an offshore disclosure before it is too late.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure. 

Contact our firm today for assistance.

Font Resize