Credit Suisse Faces US Tax Probe, Senate Inquiry Over Accounts
- Bank paid $2.6 billion in 2014, admitted aiding tax evasion
- Bank says it’s cooperating, set ‘high standards’ for employees
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The Justice Department is investigating whether Credit Suisse Group AG continued to help US clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue.
Investigators are examining whether the bank aided US account holders, particularly with South American passports, who may not have told the Internal Revenue Service about assets totaling hundreds of millions of dollars, according to people familiar with the matter. Former bankers blew the whistle on the bank, court records show.