Credit Suisse Helped Dutch Customers Hide Savings From Tax Authorities, Prosecutors Say

Swiss bank UBS has been fined €5 million by the Dutch Public Prosecution Service over activities involving Credit Suisse, which UBS took over in 2023.

According to prosecutors, Credit Suisse helped Dutch customers hide savings from the Dutch Tax Authorities for several years.

The investigation focused on 12 customers who kept savings in Swiss bank accounts between 2005 and 2015 without properly declaring the money to tax authorities.

Prosecutors said Credit Suisse helped the customers open accounts and held their mail for them.

Customers were also reportedly given the option of using code names when communicating with the bank.

According to the Public Prosecution Service, Credit Suisse’s actions helped the customers submit 80 incorrect tax returns.

The case dates back to an investigation launched by the Dutch financial investigation service FIOD in 2016.

That investigation found that Credit Suisse had been involved in incorrect tax returns submitted by Dutch customers.

UBS has agreed to pay the €5 million fine. As a result, the Public Prosecution Service will not take the bank to court over the case.

Prosecutors said there were more customers with incorrect tax returns, but the investigation was limited to these 12 cases.

The customers involved have since received additional tax assessments and fines.