The Dutch Public Prosecution Service has fined UBS €5 million over conduct by its former rival Credit Suisse, which helped clients conceal undeclared savings from the Dutch Tax Administration between 2005 and 2015.
Credit Suisse filed 80 incorrect tax returns on behalf of 12 named clients during the period, though the bank assisted additional clients who also submitted false filings. Prosecutors limited the criminal case to the 12 individuals to keep the investigation manageable.
The bank employed two principal methods to help clients hide assets. It allowed clients to communicate with the bank using code names instead of real identities, and assisted in setting up companies in countries that did not exchange tax information with the Netherlands.
UBS acquired Credit Suisse in 2023. The Dutch Fiscal Intelligence and Investigation Service (FIOD) launched its probe into the practices in 2016, acting under the direction of the Public Prosecution Service.
UBS stated it would pay the €5 million to settle the case but emphasized that the agreement "does not constitute an admission of criminal liability." The bank added that it maintains a "zero-tolerance policy toward tax evasion" and said it was "pleased that the long-running matter has now been resolved."
Prosecutors noted that Credit Suisse had already paid similar fines in other countries and considered the risk of repeated misconduct to be limited, citing the bank's prior policy changes and the fact that it no longer exists as an independent entity.
In a separate action, the Dutch Tax Administration is pursuing the wider group of clients through additional tax assessments and fines beyond the 12 individuals covered in the criminal case.
