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Violation Tracker Individual Record

Company: Coutts & Co Ltd.
Current Parent CompanyNatWest Group PLC
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Recap of Ownership Changes subscribe to see this data field
Penalty: $27,900,000
Year: 2019
Date: December 20, 2019
Offense Group: financial offenses
Primary Offense: tax violations
Mega-ScandalAssisting Tax Evasion
Violation Description: The Department of Justice signed an Addendum to a non-prosecution agreement with Coutts & Co Ltd., a private Swiss bank headquartered in Zurich. The original non-prosecution agreement was signed on Dec. 23, 2015. At that time, Coutts reported that it held and managed 1,337 U.S. related accounts, with assets under management exceeding $2 billion, and paid a penalty of $78,484,000. In reaching he new agreement, Coutts acknowledged that it should have disclosed additional U.S.-related accounts to the Department at the time of the signing of the non-prosecution agreement. The bank agreed to pay an additional penalty of $27.9 million.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Tax Division
Civil or Criminal Case: criminal
Prosecution Agreement: non-prosecution agreement
HQ Country of Current Parent: United Kingdom
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.