November 13, 2015 / 5:03 PM / 3 years ago

Standard Chartered to pay $6.3 million in Swiss program deal

A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh

(Reuters) - Standard Chartered Bank’s Swiss unit [STANB.UL] will pay a $6.3 million penalty as part of a deal it reached with the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Friday.

The bank also agreed to cooperate in any criminal or civil proceedings involving U.S. accounts and to adopt procedures for avoiding future misconduct, the Justice Department said.

Standard Chartered settled under a voluntary program the Justice Department launched in 2013 to allow Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped U.S. account holders conceal assets.

Under the program, banks also must provide detailed information on the accounts of U.S. taxpayers under investigation. Banks that were already under criminal investigation were excluded from the program.

“We’re pleased to have reached a resolution as part of this program,” a Standard Chartered spokeswoman said.

The bank’s Swiss unit held 22 U.S.-related accounts since Aug. 1, 2008, which included assets totaling $33.1 million, the Justice Department said.

Standard Chartered closed its Swiss private banking business in early 2014.

Reporting by Suzanne Barlyn; Editing by Andrea Ricci

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