The bank is the latest to reach agreements under the terms of the US-Swiss program, which was signed in August 2013. Last week, PKB Privatbank, Falcon Private Bank and Credito Privato Commerciale in liquidazione did the same (see here).

Bank EKI, founded in 1852, “opened, serviced and profited” from accounts for US clients with the knowledge that many were likely not complying with their tax obligations, the DoJ said. 

Many accounts were transferred from other Swiss financial institutions that were closing such accounts, of which Bank EKI knew or had reason to know that a portion were likely undeclared, it added.

Since August 1, 2008, Bank EKI held a total of 64 US-related accounts with just over $21 million in aggregate assets.