Credit Suisse admits scheme to hide more than $4 billion in offshore accounts for ultra-rich Americans

• Credit Suisse's Credit Services Has Deal with a deal with US regulators It will see that it will pay a total of $ 511 million, including forfeitures, after it has sought the wrong conspiracy to hide the billions of accounts offshore by wealthy US tax evaders. This is the second deal of 11 years for Credit Suisse, after it sought a sin in 2014 in helping high net-worth clients to hide money from the IRS. The bank was combined with the UBS Group AG in May 2024.

A Credit Suisse's unit of service unit sought off and was punished on Monday in a long -standing manner that hid wealthy US accounts from the authorities, According to In Department of Justice.

Between 2010 and July 2021 Credit Suisse AG met with its employees and US holders holders to hide the money and properties they were holding in the Swiss Bank, authorities said. In this regard, it allowed US clients to the bank to avoid paying taxes while Credit Suisse assisted the procedure with the provision of private banking services, according to the plea agreement.

“Among other fraudulent actions, the leaders on the credit Suisse Falsified Record, processed the fictional donation paperwork, and delivers more than $ 1 billion in accounts without tax compliance documentation,” DOJ told A A statement.

Plea Harkens at Swiss Bank's 2014 Deal to the authorities, who saw the credit suisse punished in the tone of $ 2.6 billion for helping and helping US taxpayers in submitting a wrong return. That is Agreement Required Credit Suisse to Enforce programs To ensure it complies with US laws. Authorities said on Monday in intervening years since, Credit Suisse has “committed new crimes and violated the May 2014 plea agreement in the United States.”

Between 2014 and June 2023, Credit Suisse Agapore held unspecified accounts for wealthy Americans, with cash and assets worth more than $ 2 billion, authorities said. In 2023, after Credit Suisse and UBS started the Integration processUBS discovered accounts in Credit Suisse Agapore. The UBS frozen them, conducted an investigation, and revealed information to the DOJ. In a statement, UBS said it would expect Get a financial credit For cooperation.

The giant Swiss banking celebrated Resolving the so -called “Another Credit Suisse's Legacy Issues” on Monday.

“The UBS is not involved in the underlying conduct and have zero tolerance for taxation,” the bank said in a statement. The UBS, itself, has entered a Delays the persecution agreement The US regulators were included in 2009 regarding the charges of conspiracy to deceive the US by preventing the IRS collection. The bank agreed to pay $ 780 million in fine, penalty, interest, and payment.

According to the Securities & Exchange Commission, the UBS has about $ 6.2 trillion in the world owners, and $ 2 trillion in the US in Sept. 30, 2024. Annual report This year, UBS group management ended with a Weakness of material In internal financial control controls by the end of 2024 due to credit suisse issues.

The UBS said that even though Credit Suisse is no longer a separate legal creature, many of the booking, accounting, and risky systems are still used. Provided that in 2024, transfer efforts are still ongoing, “Management concluded that there was a material weakness in internal financial control over December 31, 2024,” UBS said in its annual report.

This story was originally featured on Fortune.com