Credit Suisse Services AG has agreed to pay approximately $511 million to resolve a criminal investigation involving its role in helping U.S. taxpayers conceal more than $4 billion across at least 475 offshore accounts, the Department of Justice (DOJ) announced Monday.
Credit Suisse has agreed to pay $511 million in fines for helping US taxpayers hide over $4 billion overseas
5/5/2025
According to the DOJ, the conspiracy enabled "ultra-high-net-worth and high-net-worth individual clients" of the Swiss financial institution to evade U.S. tax obligations between 2010 and 2021.
"In doing so, Credit Suisse AG committed new crimes and violated its May 2014 plea agreement with the United States," the DOJ stated.
As part of the resolution, the company pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns in U.S. District Court for the Eastern District of Virginia.
Credit Suisse also entered into a non-prosecution agreement related to undeclared U.S. accounts booked at its Singapore branch.
"Between 2014 and June 2023, Credit Suisse AG Singapore maintained undisclosed accounts for U.S. persons—accounts that Credit Suisse AG Singapore knew or should have known belonged to U.S. clients—with total assets exceeding $2 billion," the DOJ said.
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