Federal prosecutors say a Swiss bank has reached an agreement to pay more than $60 million to the U.S. and provide information to investigators about concealed accounts Americans used to avoid taxes.
The Miami U.S. attorney's office said in a news release Tuesday that Basler Kantonalbank will pay restitution to the Internal Revenue Service, a fine to the U.S. government and forfeit fees the bank earned from undeclared accounts from 2002 to 2012.
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The deferred prosecution agreement signed by bank lawyers says that at its peak, the bank had 1,144 accounts for U.S. customers with a total value of more than $813 million.
Prosecutors say Basler Kantonalbank saw an opportunity when Swiss bank UBS AG came under investigation for similar conduct. That bank also made a deal with U.S. officials.