The United States Department of Justice (DOJ) is increasing its efforts to uncover potential tax evasion schemes in the Swiss financial sector.

Investigation into Trident Trust Group

The focus of their investigation is on the Trident Trust Group (TT Group), a network of companies that provide asset management services to affluent clients in Zurich and Geneva.

The DOJ has filed a request in a New York federal court to access data from seven correspondent banks associated with the TT Group, aiming to identify US taxpayers who utilized their services between 2014 and 2023.

Involvement of UBS AG

UBS AG, Switzerland's largest bank, is among the correspondent banks implicated in the investigation.

UBS is being demanded by US authorities to provide relevant customer data, raising concerns about the bank's potential cooperation with the DOJ.

Commitment to Compliance

The TT Group has emphasized its commitment to compliance and adherence to existing obligations, such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

Failure to Disclose

The DOJ claims that clients of the TT Group have failed to disclose foreign bank accounts, assets, and companies to the Internal Revenue Service (IRS).

Increasing Scrutiny of Swiss Banks

This investigation reflects a broader trend of increasing scrutiny of Swiss banks by US authorities, and the outcomes will likely shape the future of Swiss banking practices and their relationship with US tax enforcement agencies.