As part of the agreement, UBP acknowledged that there were additional U.S.-related accounts that it should have or should have known about, but that they had not been transferred to the department at the time of the non-prosecution agreement. UBP has fully cooperated with the department regarding additional U.S. accounts. Any bank that has signed a non-follow-up agreement under the Swiss Bank program has committed to disclose all known U.S. accounts opened between August 1, 2008 and December 31, 2014. The US Department of Justice has announced that it has signed an endorsement of a non-prosecution agreement with the Swiss private bank Union Bancaire Privée (UBP). According to the U.S. Department of Justice, the agreement means UBP has admitted that it should have disclosed even more accounts to the U.S. government in 2016. The DoJ signed non-prosecution agreements with 80 banks between March 2015 and January 2016. When the revised agreement was signed, the bank stated that it should have been aware of the additional U.S.
accounts or that it should have been aware. DoJ noted UBP`s cooperation on this issue. The fine is in addition to a non-prosecution agreement signed by the Bank on 6 January 2016, in which it agreed to pay a fine of CHF 183 million for having 2,919 UNdisclosed US accounts with AUM amounting to approximately 4.8 billion FRANCS under the US government`s Swiss banking programme. If it had not complied with this regime, UBP could have been prosecuted. Each bank that had signed a non-prosecution agreement in the Swiss Bank program had represented that it had disclosed all known U.S.-related accounts that were opened to each bank between August 1, 2008 and December 31, 2014. Each bank also stated that it would continue to disclose all essential information relating to its U.S. accounts for the duration of the non-follow-up agreement. When UBP reached today`s agreement, it acknowledged that there were additional U.S. accounts that it knew or should have known about, but that they were not disclosed to the department at the time of the non-prosecution agreement. UBP has cooperated fully with the department with respect to additional U.S.-related accounts. Under the original agreement in 2016, the bank agreed to pay a $187.8 million fine to avoid possible criminal prosecution of its unreported U.S.
accounts. As a result of the «recognition», it had failed to disclose all relevant accounts under a previous agreement Each bank that had signed a non-follow-up agreement in the Swiss banking program had represented that it had disclosed all known U.S.-related accounts that were opened to each bank between August 1, 2008 and December 31, 2014.
