Since our last update on December 8th, 2015, 15 more banks have been added to the "Bad Boy List":
- Cornèr Banca SA
- Bank Coop AG
- Crédit Agricole (Suisse) SA
- Dreyfus Sons & Co Ltd, Banquiers
- Baumann & Cie, Banquiers
- Bordier & Cie Switzerland
- PBZ Verwaltungs AG
- PostFinance AG
- Edmond de Rothschild (Suisse) SA
- Edmond de Rothschild (Lugano) SA
- Bank J. Safra Sarasin AG
- Coutts & Co Ltd
- Gonet & Cie
- Banque Cantonal du Valais
- Banque Cantonale Vaudoise
- Bank Lombard Odier & Co Ltd (effective 12/31/15)
- DZ Privatbank (Schweiz) AG (effective 12/31/15)
For the full IRS Foreign Financial/OVDP FAQ 7.2 list click here.
Additionally, just today, the Justice Department announced two more banks to join the ever-growing list:
"The Department of Justice announced today that Bank Lombard Odier & Co Ltd (Lombard Odier) and DZ Privatbank (Schweiz) AG (DZ Privatbank) reached resolutions under the department’s Swiss Bank Program. These banks collectively will pay penalties of more than $107 million."
We have had so many customers from these banks reach out to us for help. They want to know what action if any, they should take. At this point, we are advising people to get into a Disclosure Program. Why? Because of the difference between what's called "willful" and "non-willful".
A blacklisted bank does not disqualify you from the streamlined program – willfulness does
People assume that if their bank is on the list, they are immediately subjected to a 50% account penalty and are ineligible for a streamlined OVDP. Thankfully, that’s not how it works.
Remember, to demonstrate that you're willful the IRS has to prove, beyond a shadow of a doubt, your state of mind. If you're concerned about your accounts at any of these banks, contact us. We can help. Call us at 888-727-8796 or email firstname.lastname@example.org. Any information you share with any of our employees will be kept confidential.