U.S. reaches deal with Swiss bank over possible tax-related offenses

The U.S. Justice Department said on Friday it reached a resolution with the Swiss regional bank Ersparniskasse Schaffhausen AG (EKS) on possible tax-related criminal offenses.

According to terms of the agreement, EKS will cooperate in any related criminal or civil proceedings, show implementation of controls to stop misconduct and pay penalties, the Justice Department said.

In return, the bank will not be prosecuted for tax-related criminal offenses.

EKS was part of the department’s Swiss Bank Program for banks that believed they might have committed tax-related criminal offenses in connection with undeclared U.S.-related accounts.

The savings and loan bank on Monday said it had previously had 90 U.S.-related accounts containing roughly $65 million in assets.

The bank said it made provisions for a settlement in 2013, and that costs related to it beyond what it had set aside would be booked against this year’s earnings.