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HSBC Swiss Private Bank To Pay $192 Mln Fine To Settle U.S. Tax Evasion Case

HSBC Swiss Private Bank SA agreed to pay $192.35 million penalties to settle U.S. tax evasion case.

The bank admitted that between 2000 and 2010, it conspired with U.S. taxpayers to help them avoid paying taxes on as much as $1.26 billion in undeclared assets, the US Department of Justice said.

In 2002, the bank had approximately 720 undeclared U.S. client relationships, with an aggregate value of more than $800 million. The bank held about $1.26 billion in undeclared assets for U.S. Clients in 2007, when the bank's undeclared assets under management reached their peak.

In recent times, Swiss banking major UBS agreed to pay $780 million in fines for helping U.S. taxpayers conceal income and assets from the U.S. In 2014, Credit Suisse paid $2.6 billion in fines.

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