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.

NUMBERBANK NAMEDATEPRESS RELEASENPA and Attachments
1BSI SA3/30/15Press Release
NPA and SOF (176.16 KB)
Statement of Facts (209.47 KB)
Board Resolution (64.37 KB)
2Vadian Bank AG5/8/15Press ReleaseNPA and SOF (406.6 KB)
3Finter Bank Zurich5/15/15Press ReleaseNPA and SOF (24.14 MB)
4Société Générale Private Banking (Lugano-Svizzera)5/28/15Press ReleaseNPA and SOF (403.13 KB)
5MediBank AG5/28/15Press ReleaseNPA and SOF (315.33 KB)
6LBBW (Schweiz) AG5/28/15Press ReleaseNPA and SOF (338.89 KB)
7Scobag Privatbank AG5/28/15Press ReleaseNPA and SOF (396.38 KB)
8Rothschild Bank AG6/3/15Press ReleaseNPA and SOF (444.58 KB)
9Banca Credinvest SA6/3/15Press ReleaseNPA and SOF (506.47 KB)
10Société Générale Private Banking (Suisse) SA6/9/15Press ReleaseNPA and SOF (433.58 KB)
11Berner Kantonalbank AG6/9/15Press ReleaseNPA and SOF (411.23 KB)
12Bank Linth LLB AG6/19/15Press ReleaseNPA and SOF (566.31 KB)
13Bank Sparhafen Zurich AG6/19/15Press ReleaseNPA and SOF (439.96 KB)
14Ersparniskasse Schaffhausen AG6/26/15Press ReleaseNPA and SOF (3.16 MB)
15Privatbank Von Graffenried AG7/2/15Press ReleaseNPA and SOF (5.13 MB)
16 Banque Pasche SA7/9/15Press ReleaseNPA and SOF (4.05 MB)
17ARVEST Privatbank AG7/9/15Press ReleaseNPA and SOF (3.84 MB)
18Mercantil Bank (Schweiz) AG7/16/15Press ReleaseNPA and SOF (336.05 KB)
19Banque Cantonale Neuchâteloise7/16/15Press ReleaseNPA and SOF (353.24 KB)
20Nidwaldner Kantonalbank7/16/15Press ReleaseNPA and SOF (383.84 KB
21SB Saanen Bank AG7/23/15Press ReleaseNPA and SOF (4.14 MB)
22Privatbank Bellerive AG7/23/15Press ReleaseNPA and SOF (3.19 MB)
23PKB Privatbank AG7/30/15Press ReleaseNPA and SOF (3.19 MB)
24Falcon Private Bank AG7/30/15Press ReleaseNPA and SOF (3.97 MB)
25Credito Privato Commerciale in liquidazione SA7/30/15Press ReleaseNPA and SOF (2.24 MB)
26Bank EKI Genossenschaft8/3/15Press ReleaseNPA and SOF (5.59 MB)
27Privatbank Reichmuth & Co.8/6/15Press ReleaseNPA and SOF (3.49 MB)
28Banque Cantonale du Jura SA8/6/15Press ReleaseNPA and SOF (4.57 MB)
29Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA8/6/15Press ReleaseNPA and SOF (3.62 MB)
30Bank Zweiplus Ag8/20/15Press ReleaseNPA and SOF (3.37 MB)
31Banca dello Stato del Cantone Ticino8/20/15Press ReleaseNPA and SOF (3.88 MB)
32Hypothekarbank Lenzburg AG8/27/15Press ReleaseNPA and SOF (392.71 KB)
33Schroder & Co. Bank AG9/3/15NPA and SOF (4.04 MB)
34Valiant Bank AG9/10/15Press ReleaseNPA and SOF (13.3 MB)
35Bank La Roche & Co AG9/15/15Press ReleaseNPA and SOF (344.31 KB)
36St. Galler Kantonalbank AG9/17/15Press ReleaseNPA and SOF (1.49 MB)
37E. Gutzwiller & Cie, Banquiers9/17/15Press ReleaseNPA and SOF (2.28 MB)
38Migros Bank AG9/25/15Press ReleaseNPA and SOF (503.35 KB)
39Graubündner Kantonalbank9/25/15Press ReleaseNPA and SOF (390.52 KB)
40BHF-Bank (Schweiz) AG10/1/15Press ReleaseNPA and SOF (2.44 MB)
41Schaffhauser Kantonalbank10/8/15Press ReleaseNPA and SOF (897.82 KB)
42BBVA Suiza S.A.10/16/15Press ReleaseNPA and SOF (2.74 MB)
43Piguet Galland & Cie SA10/23/15Press ReleaseNPA and SOF (2.79 MB)
44Luzerner Kantonalbank AG10/29/15Press ReleaseNPA and SOF (391.78 KB)
45Habib Bank AG Zurich (HBZ)10/29/15Press ReleaseNPA and SOF (509.23 KB)
46Banque Heritage S.A.10/29/15Press ReleaseNPA and SOF (352.61 KB)
47Hyposwiss Private Bank Genève S.A.10/29/15Press ReleaseNPA and SOF (425.12 KB)
48Banque Bonhôte & Cie SA11/3/15Press ReleaseNPA and SOF (368.33 KB)
49Banque Internationale à Luxembourg (Suisse) SA11/12/15Press ReleaseNPA and SOF (400.06 KB)
50Zuger Kantonalbank11/12/15Press ReleaseNPA and SOF (382.13 KB)
51Standard Chartered Bank (Switzerland) SA11/13/15Press ReleaseNPA and SOF (472.58 KB)
52Maerki Baumann & Co. AG11/17/15Press ReleaseNPA and SOF (460.31 KB)
53BNP Paribas (Suisse) SA11/19/15Press ReleaseNPA and SOF (497.99 KB)
54KBL (Switzerland) Ltd.11/19/15Press ReleaseNPA and SOF (469.25 KB)
55Bank CIC11/19/15Press ReleaseNPA and SOF (388.06 KB)
56Privatbank IHAG Zürich AG11/24/15Press ReleaseNPA and SOF (464.83 KB)
57Deutsche Bank (Suisse) SA11/24/15Press ReleaseNPA and SOF (431.79 KB)
58EFG Bank European Financial Group SA, Geneva, and EFG Bank AG12/3/15Press ReleaseNPA and SOF (588.89 KB)
59Aargauische Kantonalbank12/8/15Press ReleaseNPA and SOF (468.96 KB)
60Cornèr Banca SA12/10/15Press ReleaseNPA and SOF (446.77 KB)
61Bank Coop AG12/10/15Press ReleaseNPA and SOF (404.48 KB)
62Crédit Agricole (Suisse) SA12/15/15Press ReleaseNPA and SOF (454.09 KB)
63Dreyfus Sons & Co Ltd, Banquiers12/15/15Press ReleaseNPA and SOF (512.32 KB)
64Baumann & Cie, Banquiers12/15/15Press ReleaseNPA and SOF (453.32 KB)
65Bordier & Cie Switzerland12/17/15Press ReleaseNPA and SOF (394.78 KB)
66PBZ Verwaltungs AG12/17/15NPA and SOF (582.22 KB)
67PostFinance AG12/17/15NPA and SOF (385.3 KB)
68Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) SA12/18/15Press ReleaseNPA and SOF (480.3 KB)
69Bank J. Safra Sarasin AG12/23/15Press ReleaseNPA and SOF (447.66 KB)
70Coutts & Co Ltd12/23/15Press Release

NPA and SOF (460.87 KB)

Coutts

71Gonet & Cie12/23/15Press ReleaseNPA and SOF (372.35 KB)
72Banque Cantonal du Valais12/23/15Press ReleaseNPA and SOF (481.25 KB)
73Banque Cantonale Vaudoise12/23/15Press ReleaseNPA and SOF (392.63 KB)
74Bank Lombard Odier & Co Ltd12/31/15Press ReleaseNPA and SOF
75DZ Privatbank (Schweiz) AG12/31/15Press ReleaseNPA and SOF
76Union Bancaire Privée, UBP SA1/6/16Press Release

NPA and SOF (495.2 KB)

UBP Addendum

77Leodan Privatbank AG1/20/16Press ReleaseNPA and SOF (496.86 KB)
78HSZH Verwaltungs AG1/27/16Press ReleaseNPA and SOF (756.21 KB)
79NPB Neue Privat Bank7/18/18Press Release

NPB Executed

Signed Resolution

Statement of Facts

80Mirelis Holding7/24/18Press Release

NPA and SOF

81Lombard Odier7/31/18Press ReleaseNPA Addendum
82

Banque Bonhote & Cie SA 

7/19/19Press Release Banque Bonhote & Cie SA Addendum
83Coutts & Co Ltd12/23/19Press Release Coutts & Co Ltd – Addendum
84Union Bancaire Privée, UBP SA1/6/20Press 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.