Banque Pasche SA and Arvest Privatbank AG will pay $8.3 millions in U.S. Tax Program

Two Swiss banks agreed to pay combined penalties of about $8.3 million to avoid prosecution under a U.S. program that requires Swiss firms to say how they helped American clients avoid taxes.

Banque Pasche SA will pay $7.23 million and Arvest Privatbank AG will pay $1.04 million, the Justice Department said Thursday. Seventeen Swiss banks have paid $276.4 million this year in exchange for non-prosecution agreements.