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Violation Tracker Individual Record

Company: Union Bancaire Privee, UBP SA
Current Parent CompanyUnion Bancaire Privee
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $14,000,000
Year: 2020
Date: January 2, 2020
Offense Group: financial offenses
Primary Offense: tax violations
Violation Description: The Department of Justice signed an addendum to a non-prosecution agreement with Union Bancaire Privee, UBP SA (UBP), a private bank headquartered in Geneva, Switzerland. The original non-prosecution agreement was signed on Jan. 6, 2016. At that time, UBP reported that it held and managed 2,919 U.S. Related Accounts, with assets under management of approximately $4.9 billion, and paid a penalty of $187,767,000. In reaching the new agreement, UBP acknowledged it should have disclosed additional U.S.-related accounts to the department at the time of the signing of the non-prosecution agreement. UBP agreed to pay an additional penalty of $14 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: Switzerland
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.