Credit Suisse to pay $511 million for serving to U.S. taxpayers conceal over $4 billion out of the country

Credit Suisse Services AG can pay about $511 million to settle a prison case for having conspired with American taxpayers to cover greater than $4 billion in a minimum of 475 offshore accounts, the Department of Justice stated Monday.

The conspiracy allowed “ultra-high-net-worth and high-net-worth individual clients” of the Swiss monetary services and products company to evade their U.S. tax responsibilities from 2010 via 2021, the DOJ stated.

“In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States,” the dep. stated.

The corporate pleaded responsible to at least one depend of conspiracy to assist and lend a hand within the preparation of false source of revenue tax returns in U.S. District Court within the Eastern District of Virginia.

In addition to that plea, Credit Suisse entered right into a non-prosecution settlement with prosecutors in reference to U.S. accounts that had been booked at Credit Suisse AG Singapore.

“Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons, which Credit Suisse AG Singapore knew or should have known were U.S., with total assets valued at over $2 billion,” the DOJ stated.

“Credit Suisse AG Singapore failed to adequately identify the true beneficial owners of accounts and failed to conduct adequate inquiry about U.S. indicia in the accounts,” the dep. stated.

“In 2023, during the post-merger of UBS AG Singapore and Credit Suisse AG Singapore, UBS became aware of accounts held at Credit Suisse AG Singapore that appeared to be undeclared U.S. accounts. UBS froze some of the accounts, voluntarily disclosed information about those identified accounts to the Justice Department and cooperated by undertaking an investigation into the identified accounts.”

Credit Suisse’s father or mother corporate, the Swiss financial institution UBS, in a remark, stated it used to be “not involved in the underlying conduct and has zero tolerance for tax evasion.” UBS received Credit Suisse in 2023.

“With this resolution, UBS is pleased to have resolved another of Credit Suisse’s legacy issues, in line with UBS’s intention to resolve legacy matters at pace in a fair and balanced way and in the best interest of all its stakeholders,” the financial institution stated.

“In the second quarter of 2025, UBS Group AG expects to recognize a credit from the partial release of the contingent liability established with the acquisition of Credit Suisse as part of the purchase price allocation process,” the remark stated. “UBS AG expects to record a charge in the second quarter in relation to this resolution.”

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