Credit Suisse Services AG, Tax Evasion, Virginia 2023

ALEXANDRIA, Va. – Credit Suisse Services AG has been found guilty of conspiring to hide more than $4 billion from the Internal Revenue Service (IRS) in at least 475 offshore accounts.

The guilty plea by the Swiss corporation is the result of a years-long investigation by U.S. law enforcement to uncover financial fraud and abuse.

According to the Plea Agreement, NPA, and documents filed in court, from Jan. 1, 2010, and continuing until at least July 2021, Credit Suisse AG, which has ultra-high-net-worth and high-net-worth individual clients around the globe, conspired with employees, U.S. customers, and others to willfully aid U.S. customers in concealing their ownership and control of assets and funds held at the bank.

This enabled those U.S. customers to evade their U.S. tax obligations in several ways, including by opening and maintaining undeclared offshore accounts for U.S. taxpayers at Credit Suisse AG, and providing a variety of offshore private banking services that assisted U.S. taxpayers in the concealment of their assets and income from the IRS and allowed for their continued failure to file Reports of Foreign Bank and Financial Accounts.

Among other fraudulent acts, bankers at Credit Suisse falsified records, processed fictitious donation paperwork, and serviced more than $1 billion in accounts without documentation of tax compliance. In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.

Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons, which Credit Suisse AG Singapore knew or should have known were U.S., with total assets valued at over $2 billion. Credit Suisse AG Singapore failed to adequately identify the true beneficial owners of accounts and failed to conduct adequate inquiries about U.S. indicia in the accounts.

Under today’s resolutions, Credit Suisse Services AG will pay a total of $510,608,909 in penalties, restitution, forfeiture, and fines.

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