Violation Tracker Individual Record

Company: 
Coutts & Co Ltd.
Current Parent Company: 
Royal Bank of Scotland
Penalty: 
$27,900,000
Year: 
2019
Date: 
December 20, 2019
Offense Group: 
financial offenses
Primary Offense: 
tax violations
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 Parent: 
United Kingdom
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.