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Violation Tracker Individual Record

Company: Zurcher Kantonalbank
Penalty: $98,500,000
Year: 2018
Date: August 13, 2018
Offense Group: financial offenses
Primary Offense: tax violations
Mega-Scandal: Assisting Tax Evasion
Violation Description: The Southern District of New York, the Tax Division of the Department of Justice, and the Internal Revenue Service-Criminal Investigation announced the filing of criminal charges against Zurcher Kantonalbank, a financial institution headquartered in Zurich, Switzerland. ZKB was charged with conspiring to help U.S. taxpayer-clients evade their U.S. tax obligations, file false federal tax returns, and otherwise hide hundreds of millions of dollars in offshore bank accounts held at ZKB. At the same time, ZKB was offered a deferred prosecution agreement under which it admitted to the unlawful conduct and agreed to pay $98.5 million.
Level of Government: federal
Action Type: agency action
Agency: U.S. Attorney-Southern District of New York
Civil or Criminal Case: criminal
Prosecution Agreement: deferred prosecution agreement
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.