06-05-2025
Credit Suisse Services AG admits to U.S. tax conspiracy involving Singapore accounts
Credit Suisse Services AG has pleaded guilty to conspiring with U.S. taxpayers to conceal more than US$4 billion in offshore accounts—including accounts held in Singapore—and has admitted that Credit Suisse AG breached a 2014 plea agreement with the United States.
The announcement was made on 6 May 2025 via a press release issued by the Office of Public Affairs of the U.S. Department of Justice (DOJ).
Alongside the guilty plea, Credit Suisse Services AG entered into a non-prosecution agreement (NPA) concerning undeclared U.S. accounts held at Credit Suisse AG Singapore.
The NPA requires the company to cooperate with ongoing DOJ investigations and pay over US$510 million in penalties, restitution, asset forfeiture, and fines.
According to court documents cited in the DOJ's release, the conspiracy spanned from 1 January 2010 until approximately July 2021.
During this time, Credit Suisse AG worked with employees, U.S. clients, and others to obscure ownership and control of assets to evade IRS scrutiny.
The scheme involved maintaining undeclared offshore accounts and facilitating various private banking services designed to help U.S. taxpayers avoid disclosing assets and income.
Bankers involved in the scheme falsified documents, processed fraudulent donation records, and failed to ensure compliance with U.S. tax laws. At least US$1 billion in accounts were serviced without verifying tax compliance.
This conduct violated the terms of a 2014 plea agreement in which Credit Suisse AG had already admitted to similar wrongdoing.
The DOJ determined that the bank engaged in 'new criminal conduct,' thereby breaching the earlier deal.
Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons with over US$2 billion in assets. It failed to identify beneficial owners and neglected to investigate signs that account holders were U.S. taxpayers.
Following the merger of UBS AG Singapore and Credit Suisse AG Singapore in 2023, UBS discovered the undeclared accounts and voluntarily reported them to the DOJ. UBS froze some of the accounts and initiated an internal review.
The DOJ noted that, under the resolution, Credit Suisse Services AG—and by extension, UBS AG—is required to provide ongoing cooperation and disclose any further relevant information.
The agreements provide no immunity to individual employees or clients involved. Legal proceedings against such individuals may still be pursued.
Acting Deputy Assistant Attorney General Karen E. Kelly of the DOJ's Tax Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, and IRS Criminal Investigation (IRS-CI) Chief Guy Ficco jointly announced the resolution.
According to the press release, IRS-CI agents from its International Tax & Financial Crimes group conducted the investigation with support from the DOJ's Office of International Affairs.
