Op risk data: Swiss banks suffer tax-dodging fines

ZKB settles over tax evasion claims

JoachimKohlerBremen

- ORX News
- 12 Sep 2018

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Swiss lender Zürcher Kantonalbank tops the list of operational risk losses in August, with a $98.5 million settlement for helping its clients dodge taxes.

The bank admitted “conspiring to assist US taxpayers in evading their tax obligations” in a case brought by the US Department of Justice against ZKB and two of its bankers.

The activity took place between 2002 and 2009, involving around 2,000 accounts which represented up to $794 million in assets. The unpaid taxes amounted to $39 million

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact info@risk.net to find out more.

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@risk.net

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@risk.net