SWISS private bank Rahn & Bodmer is under investigation by US authorities, it said yesterday, the latest bank to be targeted in a lengthy dispute over tax evasion.
The Zurich-based bank, set up as a silk trader in 1750, has come under investigation despite a recent Swiss-US deal to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by US customers.
The bank will not need to set aside capital to meet regulatory requirements if it has to pay a fine, as it has provisions which will cover a potential payment to the United States, partner Christian Rahn said. He said the bank was informed last week that it was under investigation.
City A.M. Reporter