Valiant Reaches $3.3 Million Deal in U.S. Swiss Bank Probe

Valiant Bank AG will pay a $3.3 million penalty to avoid prosecution under a U.S. program that requires participating firms in Switzerland to say how they helped American clients avoid taxes.

Bern-based Valiant offered “hold mail services” and numbered accounts to U.S. clients, including some who hadn’t provided Valiant with required Internal Revenue Service information, the Department of Justice said in a Sept. 10 news release.

Valiant also accepted funds from 19 UBS AG account holders who exited that bank, the government said. Eleven of the 19 U.S. persons provided a signed IRS Form W-9; the remaining eight who ...