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Credit Suisse Services AG has agreed to pay a total of $510.6 million to resolve legal matters with federal prosecutors, admitting to helping U.S. customers conceal over $4 billion in assets from the IRS. The U.S. Department of Justice (DOJ) announced the resolution, which follows the company’s role in aiding U.S. taxpayers to hide assets in offshore accounts between 2010 and 2021.

Under the agreement, Credit Suisse will plead guilty to one count of conspiracy to assist in the preparation of false income tax returns. The bank is also accused of falsifying records, creating fictitious donation paperwork, and handling $1 billion in undeclared accounts without documenting tax compliance. These actions enabled U.S. taxpayers to evade their tax obligations by maintaining undeclared offshore accounts.

“The actions of Credit Suisse AG enabled its U.S. clients to evade taxes and conceal assets from the IRS,” stated the DOJ. “This conduct continued to violate previous agreements, including a 2014 plea agreement, and further exacerbated their criminal activity.”

The agreement also addresses Credit Suisse AG Singapore, which held approximately $2 billion in undeclared U.S. accounts between 2014 and 2023. Following Credit Suisse’s acquisition by UBS, these accounts were discovered, and the bank voluntarily disclosed information to the DOJ. As part of the settlement, Credit Suisse has entered into a nonprosecution agreement concerning the Singapore accounts.

The total settlement includes penalties, restitution, forfeiture, and fines. Of the $510.6 million, $371.9 million relates to the plea deal, with the remainder attached to the nonprosecution agreement.

UBS, which now owns Credit Suisse, issued a statement clarifying that it was not involved in the underlying conduct and emphasizes its commitment to zero tolerance for tax evasion. "With this resolution, UBS is pleased to have resolved another of Credit Suisse's legacy issues," the statement said.

This settlement marks the resolution of another significant chapter in the legal matters facing Credit Suisse, while reaffirming the commitment of U.S. authorities to hold financial institutions accountable for aiding in tax evasion.