Violation Tracker Individual Record

Company: 
Union Bancaire Privee, UBP SA
Current Parent Company: 
Union Bancaire Privee
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 Parent: 
Switzerland
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
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.