File - Credit Suisse helped clients to evade taxes through undisclosed accounts.
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Credit Suisse has agreed to pay a $2.5 billion fine to authorities in the United States for helping Americans evade taxes after becoming the largest bank in 20 years to plead guilty to a U.S. criminal charge.The New York state bank regulator also decided not to revoke the bank's license in the state.Credit Suisse will pay the penalties to the U.S. Department of Justice, the Internal Revenue Service, the Federal Reserve and New York's banking regulator, the New York State Department of Financial Services.Credit Suisse, which has a large business managing wealthy clients' money, helped them withdraw funds from their undeclared accounts by either providing hand-delivered cash to the United States or using Credit Suisse's correspondent bank accounts in the United States, the Justice Department said.Prosecutors said Credit Suisse had around 22,000 U.S. client accounts worth around $10 billion, which included both declared and undeclared accounts, although the bank will not hand over any data of its American clients as part of the deal. Credit Suisse's plea raises questions about roughly a dozen other Swiss banks including Julius Baer and Bank Pictet & Cie, also under criminal investigation in the U.S.
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