Credit Suisse Services AG pleaded guilty to a criminal conspiracy for helping wealthy Americans hide over $4 billion in offshore accounts, resulting in a $511 million settlement.
The Swiss bank also entered a non-prosecution agreement related to U.S. accounts held at its Singapore branch.
Between 2014 and 2023, Credit Suisse helped U.S. clients evade taxes by maintaining undeclared accounts, violating a 2014 plea agreement.
The company faces a tax loss of over $71 million and earned $108.6 million in revenue from the accounts.
UBS, which acquired Credit Suisse in 2023, expressed its commitment to resolving legacy issues, CNBC has reported.
The settlement follows an investigation revealing Credit Suisse’s ongoing tax evasion practices and comes after whistleblowers provided crucial evidence to authorities.
Written by B.C. Begley
B.C. Begley 