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Credit Suisse Fined Over $510 Million for Helping Rich Americans Evade Taxes. Credit Suisse has pleaded guilty to US charges for helping wealthy Americans hide over $4 billion from the tax authorities. The Swiss bank's subsidiary, Credit Suisse Services, was fined $510 million for maintaining 475 offshore accounts to conceal assets from the IRS. The guilty plea comes after Credit Suisse bankers falsified records and fabricated donation paperwork to aid in tax evasion. The bank was found to have processed over $1 billion in accounts without proper tax compliance documentation. The charges are part of an ongoing investigation into Credit Suisse's role in a long-running tax evasion scheme. Credit Suisse's 2014 plea deal with the US was breached as they continued assisting tax evasion despite agreeing to comply with US tax laws. In 2014, Credit Suisse paid a $2.5 billion fine for similar tax evasion charges but continued to help conceal assets, including more than $700 million. UBS, which acquired Credit Suisse in 2023, confirmed that it was not involved in the tax evasion activities before the acquisition. As part of the settlement, Credit Suisse Services and UBS have agreed to cooperate with ongoing investigations into US-related accounts. The deal with US authorities includes a non-prosecution agreement, ensuring full disclosure of any future information about tax evasion activities.
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