Max Skjönsberg
Reporter
17 August 2012
Daily News Analysis
HSBC Private Bank in Switzerland has handed over further staff details to US authorities as part of an ongoing tax evasion investigation, a spokesperson for the bank in Switzerland told this publication.
The spokesperson told this publication that the documents included manuals, meetings and travel data, to give the US "a better understanding of how we do business with US clients."
HSBC, among other banks operating in Switzerland, first submitted documents to the US in April this year, after a probe into US offshore clients was initiated by the US Department of Justice and the US Internal Revenue Service at the end of last year.
"There has been no change in the process, but we have chosen the route of transparency because it is crucial that people understand what this is about," the HSBC spokesperson said. "All involved staff members were informed ahead of delivery."
The bank said in May that fines and penalties linked to the investigation could be significant, but that it is willing to co-operate with the US agencies, which are investigating another 10 Swiss firms.
At the start of 2012, Wegelin was sold to Raiffeisen after it emerged that the famous private bank was being investigated by the US for allegedly helping clients to dodge tax.
