Credit Suisse fined over $510 million for helping Americans evade taxes

From Yahoo Finance: 2025-05-05 14:54:00

Credit Suisse unit pleads guilty to U.S. charges of helping wealthy Americans evade taxes, fined over $510 million. Maintained accounts in Singapore for U.S. taxpayers evading taxes and reporting requirements. Bankers falsified records, processed fake donation paperwork, and serviced over $1 billion in accounts without tax compliance documentation.

Credit Suisse became largest bank in 20 years to plead guilty to U.S. criminal charge in 2014, paying $2.5 billion fine. U.S. Senate Finance Committee found bank violated 2014 deal by aiding tax evasion and concealing over $700 million. UBS says Credit Suisse Services pleaded guilty to conspiracy charge, not involved in underlying conduct.

UBS not involved in Credit Suisse’s tax evasion, expects to release contingent liability as a credit in second quarter. Bank anticipates recording a charge related to the payment in the same quarter. Credit Suisse Services agrees to non-prosecution agreement, must cooperate with investigations and disclose any new U.S.-related account information.

Read more: Credit Suisse to pay $511 million as part of agreement with US DOJ in tax case