Julius Baer has resolved its Deferred Prosecution Agreement (DPA) with the US Department of Justice to settle liability in connection with its legacy US cross-border private banking business. 

This follows the US’s Internal Revenue Service – Criminal Investigation division (IRS-CI) filing criminal charges against the bank in 2016. The authority claims the Swiss bank “conspired” with its US taxpaying clients to evade tax on billions of dollars.

Two Julius Baer advisers, Daniela Casadei and Fabio Frazzetto, pleaded...