Six Swiss banks - Bank Coop, Migros Bank, Linth Bank; Valiant Holding; Vontobel Holding AG; and Berner Kantonalbank - have announced their participation in the US program (see below), under which they may avoid criminal prosecutions in return for supplying the US Department of Justice with client information, plus financial penalties of up to 50% of assets they managed on behalf of US citizens.
To sign on to the US program, the rest of Switzerland's banks only have until December 31, 2013.
Moreover, the Swiss Financial Market Supervisory Authority (FINMA) has imposed additional reporting requirements on all Swiss Bank to inform of their intentions to apply for the US Program s until December 16, 2013.
On August 29, 2013, Switzerland and the United States announced the Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks or the US Program.
The consequences of the US Program on the Swiss banks depend mainly on the bank’s classification into one of the following four categories.
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