Pictet resolves legacy investigation with US Department of Justice regarding US private banking business
Under a three-year deferred prosecution agreement, Pictet will pay a total sum of USD 122.9 (CHF 106.8) million, of which USD 38.9 (CHF 33.8) million is a fine. The sum payable will be absorbed by general provisions and profits of its Swiss bank.
This resolution follows Pictet’s extensive cooperation with the US authorities, in full compliance with Swiss law. The DOJ recognises this substantial assistance in the resolution agreement.
The agreement acknowledges that Pictet began evaluating and enhancing its policies and practices for conducting business with US taxpayer clients in 2008, before it became public that the DOJ was investigating similar issues at another Swiss bank. It also recognises that the Group then took additional steps, beyond those required by US law, to promote the tax compliance of its US taxpayer clients.
Pictet is pleased to have resolved this matter and will continue to take steps to ensure its clients meet their tax obligations.