UBP to pay additional $14m for undisclosed accounts in US tax dispute

Ridhima Sharma
UBP to pay additional $14m for undisclosed accounts in US tax dispute

The Department of Justice has announced that it has signed an addendum to a non-prosecution agreement with Swiss private bank Union Bancaire Privée (UBP). The original non-prosecution agreement was signed on 6 Janaury 2016. At that time, UBP reported that it held and managed 2,919 US-related accounts, with assets under management of approximately $4.9bn, and paid a penalty of $187,767,000. In reaching today's agreement, UBP acknowledges it should have disclosed additional US-related acc...

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