Credit Suisse admits the program to hide more than $ 4 billion in accounts outside the coast for ultra-rich Americans

• Credit Suisse Services AG reached an agreement with the North -Americans regulators This will see a total of $ 511 million, including seizures, after being found guilty of conspirating to hide billions in accounts outside the coast that had rich United States tax evad. This is the second offer in 11 years for Credit Suisse, after declaring itself guilty in 2014 to help high valuable American customers to hide money from the IRS. The bank merged with UBS Group AG in May 2024.

A Swisse Credit Service Unit was found guilty and was sentenced on Monday in a long-term scheme that hid rich American accounts of the authorities, conform at her Department of Justice.

Between 2010 and July 2021, the Swiss Ag credit represented with its employees and U.S. account holders to hide the money and assets they had in the Swiss bank, according to authorities. In turn, this allowed the bank -American clients to avoid paying taxes while Credit Suisse helped the regime by providing private banking services, according to the Supplication Agreement.

“Among other fraudulent acts, the bankers of Credit Suisse registered fake, processed procedures for fictional donation and unveiled more than $ 1 billion in accounts without documentation of tax compliance,” DOJ said in a statement.

The supplication sinks to the Swiss Bank’s 2014 agreement with the authorities, which saw that Credit Suisse penalized with the tune of 2.6 billion dollars To help us and help us to submit false returns. This agreement Required SUISSE CREDIT A implement programs to ensure that it complied with the laws of the United States. Authorities have stated on Monday in the years, Credit Suisse had “committed new crimes and breached his May 2014 supply agreement with the United States.”

Between 2014 and June 2023, Credit Suisse Ag Singapore kept unrepared accounts for the North -Rich Americans, with cash and assets with more than $ 2 billion, according to authorities. By 2023, after Credit Suisse and Ubs began the merger processUBS discovered the accounts with Credit Suisse Ag Singapore. UBS froze them, conducted an investigation and spread information on the DOJ. In a statement, UBS said waiting Get a financial credit by their cooperation.

The Swiss banking giant celebrated The resolution of what he called “another of the problems inherited from Credit Suisse” Monday.

“UBS was not involved in underlying behavior and has zero tolerance for tax evasion,” the bank said in a statement. UBS, by itself, entered a Agreement of deferred persecution With the North -American regulators in 2009 by accusation of conspiring to defraud the United States, preventing the IRS collection. The bank agreed to pay $ 780 million in fines, sanctions, interests and restitution.

According to the Securities & Exchange Commission, UBS has about $ 6.2 trillion worldwide assets, and $ 2 trillion was managed in the United States on September 30, 2024. Annual report This year, the UBS Group’s management concluded that there was a Material weakness In the internal controls on their financial reports by the end of 2024 due to problems with Credit Suisse.

UBS said that although Credit Suisse was no longer a separate legal entity, many of its reserve, accounting and risk management systems were still in use. Since in 2024, migration efforts were still underway, “the management has concluded that there is a material weakness in internal control over financial reports by December 31, 2024,” said UBS in its annual report.

This story originally presented to Fortune.com