Addendum to non-prosecution agreement sees Union Bancaire Privée pay US $14m

Article summary

The US Justice Department has announced that it has signed an addendum to Swiss Bank Program Category 2 Non-Prosecution Agreement with Union Bancaire Privée (UBP). Under the agreement, UBP—a private bank headquartered in Geneva, Switzerland—acknowledges that, during the initial non-prosecution agreement signed on 6 January 2016, it should have disclosed additional US-related accounts to the US Justice Department. As a result, UBP has agreed to pay an additional $14m for these undisclosed accounts and provide supplementary information relating to its US-related account population, including the 97 additional accounts created.