Zurich's Oldest Bank Seeks Settlement with Department of Justice

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Bloomberg is reporting that Rahn & Bodmer Co., the Swiss private bank established by silk traders in 1750, announced that it is cooperating with a U.S. Department of Justice probe into cross-border accounts of American clients.

Rahn & Bodmer is classified as a “Category 1” Swiss bank and is therefore ineligible for the Department of Justice’s historic non-prosecution program. The private bank has about 12.4 billion Swiss francs ($13 billion) under management. The bank asserts that it stopped accepting undeclared U.S. assets five years ago but declines to provide details on amount of U.S. client funds that it holds.

 

Topics:  DOJ, Foreign Banks, Settlement

Published In: Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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