Credit Suisse Services AG, a subsidiary of the banking giant Credit Suisse, has agreed to pay more than $510 million to the U.S. Department of Justice following a guilty plea for aiding wealthy Americans in tax evasion schemes. The hefty settlement resolves accusations that the bank helped conceal over $4 billion from the IRS through at least 475 offshore accounts, significantly including some based in Singapore. This arrangement involves a $372 million penalty for filing false tax returns and another $139 million linked to a non-prosecution agreement concerning legacy accounts.

Reuters highlighted that the bank's latest legal troubles represent a violation of a prior 2014 agreement in which Credit Suisse had already paid a substantial $2.5 billion fine for similar offenses. A Senate Finance Committee report revealed the bank continued these illicit practices even after the initial settlement, hiding more than $700 million. These findings further solidify the extent and persistence of the violations that Credit Suisse engaged in over the years.

Following the acquisition of Credit Suisse by UBS in 2023, UBS clarified that it was not implicated in the misconduct and had considered potential liabilities at the time of purchase. Under the settlement terms, Credit Suisse Services must adhere to a non-prosecution agreement mandating ongoing cooperation and transparency concerning any future matters involving U.S.-related accounts.