Basler Kantonalbank (BKB) has signed a deferred prosecution agreement with the Department of Justice (DoJ) and will pay $60m in compensation, according to the statement.
The DOJ said that the bank has admitted to conspiring to defraud the US on taxes, commit tax evasion and file false federal tax returns from 2002 to 2012. At the peak in 2010, the bank had more than 1,000 accounts for US taxpayers, many of which were undeclared, with a value of about $813.2m.
Under the terms of BKB’s agreement with prosecutors, the bank will cooperate fully with the IRS and other US authorities and disclose certain information about accounts closed between 2009 and 2017. Authorities will defer prosecuting BKB for an initial three-year period to give the bank time to show good conduct.
The bank will pay $17.2m to the IRS that represents unpaid taxes stemming from its role in the conspiracy, $29.7m to the US government that represents gross fees it earned on undeclared accounts, and a fine of $13.5m.