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IRS Offshore Account Penalties Go Up, More Banks Listed
Robert W. Wood THE TAX LAWYER TAXES 7/31/2015 IRS Offshore Account Penalties Go Up, More Banks Listed Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand. Meanwhile, the IRS has updated its list of the foreign banks where offshore accounts trigger a 50% (rather than 27.5%) penalty based on the highest account balances in the IRS’s long-running Offshore Voluntary Disclosure Program (OVDP). The list of banks keeps growing. The IRS recently added Privatbank Von Graffenried AG (effective 7/2/15); Banque Pasche SA (effective 7/9/15); ARVEST Privatbank AG (effective 7/9/15); Mercantil Bank (Schweiz) AG (effective 7/16/15); Banque Cantonale Neuchateloise (effective 7/16/15); Nidwaldner Kantonalbank (effective 7/16/15); SB Saanen Bank AG (effective 7/23/15); Privatbank Bellerive AG (effective 7/23/15); PKB Privatbank AG (effective date to be announced); Falcon Private Bank AG (effective date to be announced); and Credito Privato Commerciale in liquidazione SA (effective date to be announced). This higher penalty was created as part of the June 2014 OVDP reforms that created a more lenient deal for the non-willful, and a more stringent OVDP for others. There will be more additions as more and more Swiss banks conclude their discussions as part of the U.S. settlement. This comes on the heels of many other enforcement efforts, including John Doe summonses issued to FedEx, DHL, UPS, and HSBC relating to Sovereign. -
Die Kantonalbanken in Zahlen
Kennziffern und Adressen Die Kantonalbanken der Kantonalbanken in Zahlen Kennzahlen der 24 Kantonalbanken Eckdaten der 24 Kantonalbanken Angaben per 31.12.2018 (inkl. Tochtergesellschaften) Angaben per 31.12.2018 Kantonalbank Gründungsjahr Bilanzsumme Geschäftsstellen Personalbestand Kantonalbank Rechts- Dotations-/ PS-Kapital Kotierung Staats- in Mio. CHF teilzeitbereinigt form Aktienkapital in Mio. CHF SIX garantie in Mio. CHF Aargauische Kantonalbank 1913 28‘351 31 708 Aargauische Kantonalbank örK 200 - - ja Appenzeller Kantonalbank 1899 3‘365 4 81 Appenzeller Kantonalbank örK 30 - - ja Banca dello Stato del Cantone Ticino 1915 14‘322 21 444 Banca dello Stato del Cantone Ticino örK 430 - - ja Banque Cantonale de Fribourg 1892 22‘927 27 382 Banque Cantonale de Fribourg örK 70 - - ja Banque Cantonale de Genève 1816 23‘034 28 761 Banque Cantonale de Genève AG 360 - ja nein Banque Cantonale du Jura 1979 3‘152 12 122 Banque Cantonale du Jura AG 42 - ja ja Banque Cantonale du Valais 1917 16‘122 45 471 Banque Cantonale du Valais AG 158 - ja ja Banque Cantonale Neuchâteloise 1883 10‘847 12 285 Banque Cantonale Neuchâteloise örK 100 - - ja Banque Cantonale Vaudoise 1845 47‘863 72 1‘896 Banque Cantonale Vaudoise AG 86 - ja nein Basellandschaftliche Kantonalbank 1864 25‘341 22 689 Basellandschaftliche Kantonalbank örK 160 57 ja ja Basler Kantonalbank 1899 44‘031 46 1‘238 Basler Kantonalbank örK 304 50 ja ja Berner Kantonalbank 1834 30‘589 60 1‘000 Berner Kantonalbank AG 186 - ja nein Glarner Kantonalbank 1884 5‘982 6 191 Glarner Kantonalbank AG -
A Primer on DOJ's Swiss Bank Program
1012 Broad Street, 2nd Fl Bloomfield, NJ 07003 Tel (973) 783-7000 Fax (973) 338-3955 www.DeBlisLaw.com HIGH-STAKES TAX DEFENSE & COMPLEX CRIMINAL DEFENSE A Primer on DOJ’s Swiss Bank Program a. Background Information From the outside looking in, it is easy to accuse those who are unfamiliar with the Department of Justice’s Swiss Bank Program as living under a rock. But that is presumptuous when you are a tax attorney who is immersed in this work every day. Let’s begin with some background information. The Swiss Bank Program was unveiled on August 29, 2013. It provides a path for Swiss banks to resolve potential criminal liabilities in the United States. In order to participate, Swiss banks had to take the “bull by its horns” and notify the Department of Justice by December 31, 2013 that they had reason to believe that they had committed tax-related criminal crimes in connection with unreported U.S.-related accounts. In other words, they had to “eat crow.” Banks already under criminal investigation for shady banking activities (along with any individuals who work for such banks) were deemed ineligible from participating in the program. In order to be eligible for a non-prosecution agreement, banks must do the following: (1) Make a complete disclosure of their cross-border activities; (2) Provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest; (3) Cooperate in treaty requests for account information; (4) Provide detailed information as to other banks that transferred funds into secret accounts or that accepted funds when secret accounts were closed; (5) Agree to close accounts of accountholders who fail to come into compliance with U.S. -
Exchange Council Election Eurex Deutschland Preliminary Voter List – As of 16 August 2019
Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1a cooperative credit institutions Company State DZ BANK AG Deutsche Zentral-Genossenschaftsbank Germany Page - 1 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1b credit institutions under public law Company State Bayerische Landesbank Germany DekaBank Deutsche Girozentrale Germany Hamburger Sparkasse AG Germany Kreissparkasse Köln Germany Landesbank Hessen-Thüringen Girozentrale Germany Landesbank Saar Germany Norddeutsche Landesbank - Girozentrale Germany NRW.BANK Germany Sparkasse Pforzheim Calw Germany Page - 2 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1c other credit institutions Company State ABN AMRO Bank N.V. Netherlands ABN AMRO Clearing Bank N.V. Netherlands B. Metzler seel. Sohn & Co. KGaA Germany Baader Bank Aktiengesellschaft Germany Banca Akros S.p.A. Italy Banca IMI S.p.A Italy Banca Sella Holding S.p.A. Italy Banca Simetica S.p.A. Italy Banco Bilbao Vizcaya Argentaria S.A. Spain Banco Comercial Português S.A. Portugal Banco Santander S.A. Spain Bank J. Safra Sarasin AG Switzerland Bank Julius Bär & Co. AG Switzerland Bank Vontobel AG Switzerland Bankhaus Lampe KG Germany Bankia S.A. Spain Bankinter Spain Banque de Luxembourg Luxemburg Banque Lombard Odier & Cie SA Switzerland Banque Pictet & Cie SA Switzerland Barclays Bank Ireland Plc Ireland Barclays Bank PLC United Kingdom Basler Kantonalbank Switzerland Berner Kantonalbank AG Switzerland Bethmann Bank AG Germany BNP Paribas United Kingdom BNP Paribas (Suisse) SA Switzerland BNP Paribas Fortis SA/NV Belgium BNP Paribas S.A. Niederlassung Deutschland Germany BNP Paribas Securities Services S.C.A. -
Editorial Announcement
SIX Management AG Editorial announcement Selnaustrasse 30 Postfach 1758 CH-8021 Zürich www.six-group.com 2 March 2016 Media Relations: T +41 58 399 2227 F +41 58 499 2710 [email protected] Pay using Paymit at some small merchants from today The first shops and restaurants now accept Paymit, the most used mobile payment app in Switzerland. The one-month pilot phase for the first Paymit solution for cashless, mobile payments is starting today. From today, you can use Paymit to make mobile and cashless payments in selected shops and restaurants. The new solution is particularly suitable for merchants and service providers that previously only accepted cash, such as small cafes, take-aways, market stalls or unstaffed points of sale. With Paymit, merchants and their customers have a simple, reliable option for cashless payments even if there is no card terminal. The pilot phase for merchants will run from now until the end of March 2016. Shop or restaurant owners that are interested can register from now via the website www.paymit.com. After SIX carries out a check, they receive a QR code as a sticker, which they can attach to their point of sale. To make a payment, the customer scans this QR code with his Paymit app, enters the amount and then pays. Mobile payments make cash handling far easier for smaller merchants. Domino’s Pizza, Dieci, Coppolini, Il Caffè and the Student Union (SHSG) of the University of St. Gallen are among the first pilot merchants. To activate the new merchant function, all Paymit apps from SIX, UBS, Zürcher Kantonalbank and Luzerner Kantonalbank are being updated. -
G E Sch Ä Ftsb E Rich T 2018 Geschäftsbericht 2018
Geschäftsbericht 2018 Geschäftsbericht 2018 Jahresbericht und Jahresrechnung 2018 Bericht des Verwaltungsrats an die Generalversammlung der Aktionärinnen und Aktionäre über das Geschäftsjahr 2018 Berner Kantonalbank AG BEKB Geschäftsbericht 2018 Berichterstattung der BEKB 3 Berichterstattung der BEKB Geschäftsbericht Der Geschäftsbericht (GB) stellt die wirtschaftliche Lage der Bank zuverlässig dar und umfasst Bilanz, Erfolgsrechnung, Geldflussrechnung, Eigenkapitalnachweis und Anhang. Weiter gibt er unter anderem Auskunft über die Unternehmens- struktur der Bank, die Geschäftstätigkeit, die Corporate Governance, die Vergütungen des Verwaltungsrats und der Geschäftsleitung und über das Risikomanagement. Buchführung, Bewertung und Bilanzierung erfolgen nach den Schweizer Rechnungslegungsvorschriften für Banken (RVB) sowie nach dem Kotierungsreglement der Schweizer Börse in Schweizer Franken. Der Einzelabschluss stellt die wirtschaft- liche Lage so dar, dass ein den tatsächlichen Verhältnissen entsprechendes Bild nach dem True-and-Fair-View-Prinzip vermittelt wird (statutarischer Einzelabschluss True and Fair View gemäss Artikel 25 Absatz 1 Bst. b BankV). Nachhaltigkeitsbericht Der Nachhaltigkeitsbericht (NHB) umfasst die Auswirkungen, Ziele und Aktivitäten der BEKB im Hinblick auf eine nachhal- tige Entwicklung. Zusammen mit dem Geschäftsbericht liefert er ein umfassendes Bild der finanziellen, gesellschaftlichen und ökologischen Dimensionen der Geschäftstätigkeit der BEKB. Die BEKB berichtet über alle wesentlichen Nachhaltigkeitsthemen. -
SIX Repo Ltd - Member List As of 20 April 2021
SIX Repo Ltd - Member list as of 20 April 2021 Bank / Place City Aargauische Kantonalbank Aarau AEK Bank 1826 Genossenschaft Thun Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft Linz Allianz Suisse Lebensversicherungs-Gesellschaft AG, EL Wallisellen Allianz Suisse Lebensversicherungs-Gesellschaft AG, KL Wallisellen Allianz Suisse Versicherungs-Gesellschaft AG Wallisellen Austrian Anadi Bank AG Klagenfurt AXA Leben AG Einzel Winterthur AXA Leben AG Kollektiv Winterthur AXA Versicherungen AG Winterthur Baloise Bank SoBa Solothurn Banca del Ceresio SA Lugano Banca del Sempione SA Lugano Banca dello Stato del Cantone Ticino Bellinzona Banca Popolare di Sondrio (Suisse) S.A. Lugano Bank CIC (Schweiz) AG Basel Bank Cler AG Basel Bank EEK AG Bern Bank EKI Genossenschaft Interlaken Bank Frick & Co. AG Balzers Bank für Tirol und Vorarlberg AG (BTV) Innsbruck Bank J. Safra Sarasin AG Basel Bank Julius Bär & Co. AG Zürich Bank Linth LLB AG Uznach Bank Thalwil Genossenschaft Thalwil Bank Vontobel AG Zürich Banque Bonhôte & Cie. SA Neuchâtel Banque Cantonale de Fribourg Fribourg Banque Cantonale de Genève Genève Banque Cantonale du Jura Porrentruy Banque Cantonale du Valais Sion Banque Cantonale Neuchâteloise Neuchâtel Banque Cantonale Vaudoise Lausanne Banque Cramer & Cie SA Genève Banque Internationale à Luxembourg SA Luxembourg Barclays Bank UK Plc London Basellandschaftliche Kantonalbank Liestal Basler Kantonalbank Basel Basler Leben AG Basel Basler Versicherung AG Basel Last update: 20 April 2021 Page: 1/4 BBVA SA Zürich Bendura Bank -
Luzerner Kantonalbank
Luzerner Kantonalbank Primary Credit Analyst: Lukas Freund, Frankfurt + 49-69-3399-9139; [email protected] Secondary Contact: Michal Selbka, Frankfurt + 49 693 399 9300; [email protected] Table Of Contents Major Rating Factors Outlook Rationale Related Criteria Related Research WWW.STANDARDANDPOORS.COM/RATINGSDIRECT DECEMBER 9, 2020 1 Luzerner Kantonalbank Additional SACP a+ Support +2 0 + + Factors Anchor a- Issuer Credit Rating ALAC 0 Business Support Adequate Position 0 Capital and GRE Support Very Strong +2 Earnings +2 Risk Position Adequate 0 Group AA/Stable/A-1+ Support 0 Funding Average 0 Sovereign Liquidity Adequate Support 0 Major Rating Factors Strengths: Weaknesses: • Close ties with the Canton of Lucerne, facilitated by • Lending growth significantly higher than that of its majority ownership of the bank and a state cantonal bank peers, which might lead to additional guarantee. risk taking. • Very strong capitalization accompanied by low risk • Concentration risk owing to the focus on real estate costs and negligible nonperforming assets. lending in its home region. • Strong retail franchise in the Canton of Lucerne. • Reliance on additional Tier 1 (AT1) instruments to support regulatory and S&P Global Ratings' capital ratio buffers. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT DECEMBER 9, 2020 2 Luzerner Kantonalbank Outlook: Stable S&P Global Rating's stable outlook on Swiss Luzerner Kantonalbank (LUKB) reflect our expectation that the bank will continue to benefit from an extremely high likelihood of support from the Canton of Lucerne in the next two years. The ratings on Luzerner Kantonalbank are sensitive to our assessment of the owner's ability and willingness to support the bank. -
Moody's Issuer Profile
FINANCIAL INSTITUTIONS ISSUER PROFILE Zuercher Kantonalbank 13 May 2019 Key Facts and Statistics - FYE December 2018 Company overview Zuercher Kantonalbank (ZKB) is a full-service Swiss bank with strong regional operations in TABLE OF CONTENTS the canton of Zurich. As of 31 December 2018, ZKB held a 6.9% share of Swiss domestic Company overview 1 client deposits, 7.5% share of Swiss domestic loans and an 8.4% share of total Swiss Financial highlights 2 domestic banking assets, based on its total consolidated assets of CHF169.4 billion. It is Business description 2 Distribution channels 3 Switzerland’s largest cantonal bank and the country’s third-largest provider of investment Ownership structure 3 funds. Participations 4 ZKB provides a large range of products and services to retail clients, small and medium- Company management 5 sized enterprises (SMEs), large corporate customers, institutions, public authorities and other Company history 5 Peer group 6 organisations, mainly in the canton of Zurich. The bank’s core activities include financing, Related websites and information investment and asset management, trading and capital market activities, deposit-taking, sources 6 payment transaction services and the card business. Moody’s related publications 6 As of 31 December 2018, ZKB operated through a network of 75 banking outlets, including branches of Zürcher Kantonalbank Österreich AG in Salzburg and Vienna as well as six Contacts automated banks. The bank also distributes its products and services through representative Jakob Palek +49.69.70730.890 offices in China, India, Singapore and Brazil. In addition, the bank offers its products and Associate Analyst services through alternative delivery channels, including ATMs and internet, telephone, smart [email protected] devices and E-Banking. -
Bewilligte Banken Und Wertpapierhäuser
Bewilligte Banken und Wertpapierhäuser Name Ort Zulassung Bankart Wertpapierhaus-Art keine Wertpapierhaustätigkeit nicht-kontoführendes Wertpapierhaus Kategorie Aargauische Kantonalbank Aarau Bank Kantonalbanken Inländisches Wertpapierhaus 3 ABANCA CORPORACION BANCARIA S.A., Genève 1 Zweigniederlassung ausl. Bank Erste Zweigniederlassung ausländische X 5 Betanzos, succursale de Genève Bank acrevis Bank AG St. Gallen Bank Regionalbanken und Sparkassen Inländisches Wertpapierhaus 4 AEK BANK 1826 Genossenschaft Thun Bank Regionalbanken und Sparkassen Inländisches Wertpapierhaus 4 AFS Equity & Derivatives B.V., Amsterdam, Regensdorf Zweigniederlassung ausl. Wertpapierhaus Wertpapierhaus Erste Zweigniederlassung eines X 5 Zweigniederlassung Regensdorf ausländischen Wertpapierhauses Allfunds Bank International S.A., Luxembourg, Zurich Zürich Zweigniederlassung ausl. Bank Erste Zweigniederlassung ausländische Erste Zweigniederlassung eines 5 Branch Bank ausländischen Wertpapierhauses Alpha RHEINTAL Bank AG Heerbrugg Bank Regionalbanken und Sparkassen Inländisches Wertpapierhaus 4 Alternative Bank Schweiz AG Olten Bank Andere Banken Inländisches Wertpapierhaus 4 Appenzeller Kantonalbank Appenzell Bank Kantonalbanken Inländisches Wertpapierhaus 4 Aquila AG Zürich Bank Andere Banken Inländisches Wertpapierhaus 5 Arab Bank (Switzerland) Ltd. Genève 3 Bank Ausländisch beherrschte Banken Ausländisch beherrschte 4 Wertpapierhäuser AXION SWISS BANK SA Lugano Bank Auf Börsen, Effekten-, Vermögensverw.- Inländisches Wertpapierhaus 4 Geschäfte spez. Institute -
The Rise of Bank Prosecutions Brandon L
THE YALE LAW JOURNAL FORUM M AY 23, 2016 The Rise of Bank Prosecutions Brandon L. Garrett introduction Before 2008, prosecutions of banks had been quite rare in the federal courts, and the criminal liability of banks and bankers was not a topic that received much public or scholarly attention. In the wake of the last financial crisis, however, critics have begun to ask whether prosecutors adequately held banks and bankers accountable for their crimes. Senator Jeff Merkley complained: “[A]fter the financial crisis, the [Justice] Department appears to have firmly set the precedent that no bank, bank employee, or bank executive can be prosecuted.”1 Federal judge Jed Rakoff and many others asked why prosecutors brought, with one or two low-level exceptions, no prosecutions of bankers in the wake of the 2007-2008 financial crisis and whether they were too quick to settle corporate cases by merely compelling fines and “window- dressing” compliance reforms.2 The response from the Department of Justice (DOJ) to criticism of its approach towards corporate and financial prosecutions has ranged from stern denial that it had been remiss—as when Attorney General Eric Holder announced in a video message in 2014 that “[t]here is no such thing as too big to jail” and that no financial institution “should be considered immune from prosecution”3—to reform in the face of 1. Press Release, Senator Jeff Merkley, Merkley Blasts ‘Too Big to Jail’ Policy for Lawbreaking Banks, (Dec. 13, 2012), http://www.merkley.senate.gov/news/press-releases/merkley-blasts -too-big-to-jail-policy-for-lawbreaking-banks [http://perma.cc/BY2U-GUE9]. -
No. 18-12751 Non-Argument Calendar ______
Case: 18-12751 Date Filed: 12/10/2018 Page: 1 of 5 [DO NOT PUBLISH] IN THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT ________________________ No. 18-12751 Non-Argument Calendar ________________________ D.C. Docket No. 0:17-cv-62542-BB GIULIANO STEFANO GIOVANNI WILDHABER, Plaintiff-Appellant, versus EFV, EBK-EIDGENOSSISCHE BANKENKOMMISSION (FINMA), ZKB BANK, CREDIT SUISSE AG, AARGAUISCHE KANTONALBANK, APPENZELLER KANTONALBANK, et al., Defendants-Appellees. ________________________ Appeal from the United States District Court for the Southern District of Florida ________________________ (December 10, 2018) Case: 18-12751 Date Filed: 12/10/2018 Page: 2 of 5 Before ED CARNES, Chief Judge, WILSON, and HULL, Circuit Judges. PER CURIAM: Giuliano Wildhaber, a Swiss citizen proceeding pro se, appeals the district court’s order granting the Swiss government’s and twenty-six Swiss banks’ motions to dismiss his complaint, which he filed under the Alien Tort Statute. I. For present purposes we draw the facts from the complaint, accepting them as true and viewing them in the light most favorable to Wildhaber. Butler v. Sheriff of Palm Beach Cty., 685 F.3d 1261, 1263 n.2 (11th Cir. 2012). In December 1988 a referendum was held in Switzerland involving a proposal to restrict land speculation. Although seventy percent of Swiss voters rejected the proposal, in October 1989 the Swiss Federal Council adopted a decree discouraging land speculation by prohibiting the sale of real property within five years of its purchase. The decree caused Wildhaber and other Swiss property owners to suffer economic losses because their property decreased in value. In November 2017 Wildhaber brought claims under the Alien Tort Statute (ATS) against two financial entities of the Swiss government and twenty-six Swiss banks for helping enact, or profiting from, the decree.1 Those claims included, 1 For ease of reference, we will collectively refer to these twenty-eight entities as the defendants unless context makes it necessary to refer to them individually.