BBVA Suiza SA to Pay $10.4 Million to Settle U.S. Tax Case

(Bloomberg) -- BBVA Suiza SA agreed to pay $10.4 million to avoid prosecution under a U.S. program that requires participating firms in Switzerland to say how they helped American clients dodge taxes.

The Swiss unit of Spanish lender Banco Bilbao Vizcaya Argentaria SA is the 42nd bank this year to win an agreement under which it won’t be prosecuted. The firms have paid a combined $364.9 million in penalties.

The bank admitted its conduct in a statement that was part of the agreement, saying it maintained 138 U.S. accounts since 2008 with a maximum value of $157 million. BBVA Suiza offered a variety of traditional Swiss bank services that helped U.S. clients hide assets and income from the Internal Revenue Service, evade taxes and file false returns, according to the statement.

BBVA Suiza also transferred the assets of some U.S. clients to disguise their true ownership, using cash or check withdrawals, wire transfers and sham transfers to nominee account holders, according to the statement.