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Ubp Non Prosecution Agreement

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In its agreement with the Justice Department on Thursday, however, ubP acknowledged that it should have disclosed 97 additional accounts linked to the United States at the time of the AFN`s signing. UBP acknowledged that…

In its agreement with the Justice Department on Thursday, however, ubP acknowledged that it should have disclosed 97 additional accounts linked to the United States at the time of the AFN`s signing. UBP acknowledged that it knew or should have known many of these accounts at the time of the AFN`s signing. The fine is in addition to a non-prosecution agreement signed by the Bank on 6 January 2016, in which it agreed to pay a fine of CHF 183 million for having 2,919 UNdisclosed US accounts with AUM amounting to approximately 4.8 billion FRANCS under the US government`s Swiss banking programme. If it had not complied with this regime, UBP could have been prosecuted. “Foreign banks that participated in the Swiss Bank program were required to identify all accounts in which U.S. taxpayers were directly or indirectly involved,” said Richard E. Zuckerman, Assistant Attorney General of the Tax Department. “Today`s agreement reflects our continued commitment to ensure that companies, when they cooperate and provide information to the Department, do so fully.” Each bank that had signed a non-prosecution agreement in the Swiss Bank program had represented that it had disclosed all known U.S.-related accounts that were opened to each bank between August 1, 2008 and December 31, 2014. Each bank also stated that it would continue to disclose all essential information relating to its U.S.

accounts for the duration of the non-follow-up agreement. When UBP reached today`s agreement, it acknowledged that there were additional U.S. accounts that it knew or should have known about, but that they were not disclosed to the department at the time of the non-prosecution agreement. UBP has cooperated fully with the department with respect to additional U.S.-related accounts. Any bank that has signed a non-follow-up agreement under the Swiss Bank program has committed to disclose all known U.S. accounts opened between August 1, 2008 and December 31, 2014. According to the U.S. Department of Justice, the agreement means UBP has admitted that it should have disclosed even more accounts to the U.S.

government in 2016. “Today`s agreement reflects our continued commitment to ensure that companies, when they cooperate and provide information to the Department, do so fully.” As part of the initial agreement in 2016, the bank agreed to pay a $187.8 million fine to avoid possible criminal prosecution of its unreported United States.

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