Another Two Swiss Banks Agree to Pay $1.4 Million in U.S. Tax Program

Two Swiss banks agreed to pay combined penalties of about $1.4 million to avoid prosecution under a U.S. program that requires Swiss firms to say how they helped American clients avoid taxes.

SB Saanen Bank AG, a 141-year-old institution, will pay $1.37 million, while Privatbank Bellerive AG will pay $57,000, the Justice Department said in a statement Thursday.

More than 100 Swiss firms at the end of 2013 entered a U.S. program that allowed them to resolve possible liabilities tied to allegations they helped clients conceal assets to avoid paying taxes.

At least 20 Swiss banks have paid more than $280 million in exchange for agreements not to prosecute them for their behavior. In addition to the penalties, SB Saanen and Bellerive agreed to cooperate in any criminal or civil proceeding related to the alleged conduct and show how they are working to stop misconduct involving undeclared U.S.-related accounts.