Monthly Update for Banks Subject to the 50% FBAR penalty – November 2015

December 1, 2015

According to the 2014 Offshore Voluntary Disclosure (hereinafter: “OVDP”), the offshore penalty of 27.5% increases to a 50% penalty in any of the following circumstances:

  1. The foreign financial institution where the account is held, or another facilitator who assisted in establishing or maintaining the taxpayer’s offshore arrangement, is or has been under investigation by the IRS or the Department of Justice in connection with accounts that are beneficially owned by a U.S. person;
  2. The foreign financial institution or other facilitator is cooperating with the IRS or the Department of Justice in connection with accounts that are beneficially owned by a U.S. person;
  3. The foreign financial institution or other facilitator has been identified in a court- approved issuance of a summons seeking information about U.S. taxpayers who may hold financial accounts (a “John Doe summons”) at the foreign financial institution or have accounts established or maintained by the facilitator. 

Once the 50% offshore penalty applies to any of the taxpayer’s accounts, the 50% offshore penalty will apply to all of the taxpayer’s assets subject to the penalty, including accounts held at another institution or established through another facilitator for which there have been no events constituting public disclosures.

The updated list through December 1st 2015, is as follows:

  1. UBS AG
  2. Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.
  3. Wegelin & Co.
  4. Liechtensteinische Landesbank AG
  5. Zurcher Kantonalbank
  6. Swisspartners Investment Network AG, Swisspartners Wealth Management AG, Swisspartners Insurance Company SPC Ltd., and Swisspartners Versicherung AG
  7. CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates
  8. Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.
  9. The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)
  10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates
  11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates 
  12. Bank Leumi le-Israel B.M., The Bank Leumi le-Israel Trust Company Ltd, Bank Leumi (Luxembourg) S.A., Leumi Private Bank S.A., and Bank Leumi USA 
  13. BSI SA 
  14. Vadian Bank AG 
  15. Finter Bank Zurich AG 
  16. Societe Generale Private Banking (Lugano-Svizzera) SA 
  17. MediBank AG 
  18. LBBW (Schweiz) AG 
  19. Scobag Privatbank AG 
  20. Rothschild Bank AG 
  21. Banca Credinvest SA 
  22. Societe Generale Private Banking (Suisse) SA 
  23. Berner Kantonalbank AG 
  24. Bank Linth LLB AG 
  25. Bank Sparhafen Zurich AG 
  26. Ersparniskasse Schaffhausen AG 
  27. Privatbank Von Graffenried AG 
  28. Banque Pasche SA
  29. ARVEST Privatbank AG 
  30. Mercantil Bank (Schweiz) AG 
  31. Banque Cantonale Neuchateloise 
  32. Nidwaldner Kantonalbank 
  33. SB Saanen Bank AG
  34. Privatbank Bellerive AG
  35. PKB Privatbank AG
  36. Falcon Private Bank AG 
  37. Credito Privato Commerciale in liquidazione SA (CPC)
  38. Bank EKI Genossenschaft
  39. Privatbank Reichmuth & Co. 
  40. Banque Cantonale du Jura SA 
  41. Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA 
  42. Bank Zweiplus AG
  43. Banca dello Stato del Cantone Ticino 
  44. Hypothekarbank Lenzburg AG 
  45. Schroder & Co. Bank AG 
  46. Valiant Bank AG 
  47. Bank La Roche & Co AG 
  48. Belize Bank International Limited, Belize Bank Limited, Belize Corporate             Services Limited, their predecessors, subsidiaries, and affiliates 
  49. St. Galler Kantonalbank AG 
  50. E. Gutzwiller & Cie, Banquiers 
  51. Migros Bank AG 
  52. Graubundner Katonalbank 
  53. BHF-Bank (Schweiz) AG 
  54. Finacor SA 
  55. Schaffhauser Kantonalbank 
  56. BBVA Suiza S.A.
  57. Piguet Galland & Cie SA
  58. Luzerner Kantonalbank AG 
  59. Habib Bank AG Zurich 
  60. Banque Heritage SA 
  61. Hyposwiss Private Bank Genève S.A. 
  62. Banque Bonhôte & Cie SA 
  63. Banque Internationale a Luxembourg (Suisse) SA 
  64. Zuger Kantonalbank 
  65. Standard Chartered Bank (Switzerland) SA, en liquidation 
  66. Maerki Baumann & Co. AG 
  67. BNP Paribas (Suisse) SA 
  68. KBL (Switzerland) Ltd. 
  69. Bank CIC (Switzerland) Ltd. 
  70. Privatbank IHAG Zürich AG 
  71. Deutsche Bank (Suisse) SA