- Agreement is 43rd under Swiss bank disclosure program
- Banks have paid combined $380.3 million in penalties
Piguet Galland & Cie SA will pay $15.4 million to avoid prosecution under a U.S. program that requires participating firms in Switzerland to say how they helped American clients dodge taxes.
The private bank, owned by regional lender Banque Cantonale Vaudoise, is the 43rd this year to reach an agreement under which it won’t be prosecuted. The banks have paid a combined $380.3 million in penalties.
The bank admitted its conduct in a statement that was part of the agreement, saying it maintained 337 U.S. accounts since 2008 with a maximum value of $441 million. Piguet Galland offered a variety of traditional Swiss bank services that it knew or should have known helped U.S. clients hide assets and income from the Internal Revenue Service, according to the statement.
One relationship manager at the bank handled at least 65 U.S. accounts, and traveled regularly to the U.S. to see existing and potential clients, visiting five different states, according to the statement. The bank also owned a condominium in the Cayman Islands that was used by firm executives and U.S. clients.