Three more Swiss banks settle with United States over tax probes

WASHINGTON: Three more Swiss banks will pay penalties to the United States as part of deals that mean they will not face criminal charges for helping Americans avoid taxes.

Mercantil Bank (Schweiz) AG will pay $1.172 million, Banque Cantonale Neuchâteloise will pay $1.123 million and Nidwaldner Kantonalbank will pay $856,000, the US Justice Department said on Thursday.

This brings to 20 the number of Swiss banks that have reached settlements with the Justice Department under a voluntary program set up in 2013 through which 100 eligible Swiss banks reported suspected tax evasion in U.S-related accounts. The United States aims to reach deals with them all by the end of 2015.