ZURICH (Reuters) - Swiss bank Credit Suisse has started closing down the offshore accounts of U.S. clients who have not declared the money to the U.S. authorities, a newspaper reported on Sunday.
The Sonntagszeitung newspaper said the bank had about 2,500-5,000 U.S. clients with undeclared offshore accounts worth about 3 billion francs, without citing its sources.
The paper said Credit Suisse had started parting company with its U.S. offshore clients, giving them the option of moving their accounts to its CS Private Advisors subsidiary, which would report the accounts to the U.S. tax authorities, or writing them a check.
It quoted an unnamed Credit Suisse manager as saying the bank was only applying the new "zero tolerance" policy in individual cases for now but was considering a more general withdrawal from the U.S. offshore business.
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