Op risk data: US piqued by Pictet tax breach

Also: US Bank’s Covid failings; South Korea’s short-selling clampdown. Data by ORX News

Credit: M4OS Photos/Alamy

In December 2023’s largest loss, Banque Pictet et Cie agreed to pay $123 million after admitting it had helped US-based customers evade tax. The amount would have been higher if the Department of Justice (DoJ) had not agreed to a 45% co-operation discount. The Swiss bank also entered into a deferred prosecution agreement.

Between January 2008 and December 2014, Pictet worked with clients to hide around $5.6 billion in assets from the Internal Revenue Service. It concealed the existence of

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