Between 2010 and July 2021 Credit Suisse AG plotted with its employees and ultra-rich U.S. account holders to conceal the money and assets they held at the Swiss bank, authorities said. In turn, this allowed the bank’s U.S. clients to allegedly avoid paying taxes while Credit Suisse helped the scheme along by providing private banking services, according to the plea agreement.
UBS said that even though Credit Suisse was no longer a separate legal entity, many of its booking, accounting, and risk management systems were still in use. Given that in 2024, migration efforts were still ongoing, “management has concluded that there is a material weakness in internal control over financial reporting at 31 December 2024,” UBS said in its annual report.
