Op risk data: Swiss banks suffer tax-dodging fines

ZKB settles over tax evasion claims

JoachimKohlerBremen

ORX News
12 Sep 2018

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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,

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