"Credit Suisse AG committed new crimes and breached its May 2014 plea agreement," the DOJ said in announcing the penalty with the UBS subsidiary.

Credit Suisse Services AG will pay nearly $511 million after pleading guilty in a criminal case to having conspired with wealthy American taxpayers to hide more than $4 billion in at least 475 offshore accounts, the Department of Justice said.

In addition to that plea, the UBS subsidiary also entered into a non-prosecution agreement with prosecutors in connection with U.S. accounts that were booked at Credit Suisse AG Singapore.

“Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons, which Credit Suisse AG Singapore knew or should have known were U.S., with total assets valued at over $2 billion,” the DOJ said.

The criminal conspiracy to which Credit Suisse admitted guilt allowed “ultra-high-net-worth and high-net-worth individual clients” of the Swiss financial services corporation to evade their U.S. tax obligations from 2010 through 2021, according to the DOJ.