UBP to pay $187 million to avoid U.S. charges of aiding tax evasion

UBP is the latest bank to reach a resolution under the Swiss Bank Program, launched in 2013, that allows Swiss banks to resolve potential criminal liabilities in the United States.

UBP between 2008 and 2013 helped U.S. clients to open and maintain undeclared accounts in Switzerland and conceal assets and income they held in these accounts, the DOJ said in a statement on Wednesday. (http://1.usa.gov/1n4HhmH)

Under the Swiss Bank Program, banks also must provide detailed information on the accounts of U.S. taxpayers under investigation.

A Deutsche Bank AG unit in November agreed to pay more than $31 million under the same program.

UBP had about 2,919 U.S.-related accounts since August 2008 with a total value of about $4.9 billion, the DOJ said.