The Union Bancaire Privee (UBP) sign is seen at one of its branch offices in Zurich March 27, 2015. REUTERS/Arnd Wiegmann (Reuters) - The U.S. Department of Justice (DOJ) said on Wednesday Swiss private bank Union Bancaire Privee (UBP) agreed to pay more than $187 million to avoid possible prosecution for helping Americans evade taxes. UBP is the latest bank to reach a resolution under the Swiss Bank Program, launched in 2013, that allows Swiss banks to resolve potential criminal liabilities in the United States. UBP between 2008 and 2013 helped U.S. clients to open and maintain undeclared accounts in Switzerland and conceal assets and income they held in these accounts, the DOJ said in a statement on Wednesday. (1.usa.gov/1n4HhmH) Under the Swiss Bank Program, banks also must provide detailed information on the accounts of U.S. taxpayers under investigation. A Deutsche Bank AG unit in November agreed to pay more than $31 million under the same program. UBP had about 2,919 U.S.-related accounts since August 2008 with a total value of about $4.9 billion, the DOJ said. Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila
Swiss private bank Union Yashaswini Swamynathan ( the Swiss Bank Programme ) has agreed to pay more than $187 million to avoid potential prosecution for helping wealthy US citizens evade taxes, according to the US Department of Justice (DoJ), making it the latest bank to reach a resolution under UBP that allows Swiss bans to resolve potential criminal liabilities in the the United States .