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Ubp Non Prosecution Agreement


When signing the revised agreement, the bank said it should have been aware or aware of the additional U.S. accounts. The DoJ took note of UBP`s cooperation in this matter. “Foreign banks participating in the Swiss banking program were required to identify all accounts directly or indirectly involving U.S. taxpayers,” said Richard E. Zuckerman, deputy deputy chief attorney general for the tax department. “Today`s agreement reflects our ongoing commitment to ensuring that companies, when collaborating and advertising to the ministry, do so fully.” Union Bancaire Privée (UBP), a Swiss private bank, must pay an additional $14 million to the U.S. government for accounts it has not disclosed, in an addendum to a non-prosecution agreement reached four years ago with the Department of Justice. Each bank that had signed a non-prosecution agreement under the Swiss banking program reported that it had disclosed all known U.S.-related accounts opened at each bank between August 1, 2008 and December 31, 2014.

Each bank also said it would continue to disclose all essential information relating to its U.S.-related accounts for the duration of the non-lawsuit agreement. Each bank that has signed a non-prosecution agreement under the Swiss banking program has committed to disclose all known U.S. accounts opened between August 1, 2008 and December 31, 2014. As part of the initial deal in 2016, the bank agreed to pay a fine of $US 187.8 million to avoid a possible penalty related to its undeclared U.S. accounts. “Today`s agreement reflects our ongoing commitment to ensuring that companies, when collaborating and advertising to the ministry, do so fully.” The Ministry of Justice announced today that it has signed an addendum to a non-prosecution agreement with Union Bancaire Privée, UBP SA (UBP), a private bank based in Geneva, Switzerland. The initial non-prosecution agreement was signed on January 6, 2016. At that time, UBP said it held and managed 2,919 related accounts in the U.S. with approximately $4.9 billion in assets under management and was paying a fine of $187,767,000.

With today`s agreement, UBP acknowledges that it should have disclosed additional accounts related to the United States to the department at the time of signing the non-repressive agreement. As part of the deal, UBP acknowledged that there were additional U.S. accounts that it knew or should have been aware of, but that they were not disclosed to the department at the time of signing the no-suit agreement. UBP has cooperated fully with the department with respect to additional accounts related to the United States. The revised agreement calls for the bank to pay an additional $US 14 million after the DoJ found that UBP failed to report 97 additional accounts that should have been disclosed under the original agreement. The U.S. Department of Justice (DoJ) has revised its no-prosecution agreement with a private Swiss bank, Union Bancaire Privée, UBP SA (UBP), which had previously admitted to managing nearly 3,000 accounts for the United States.