Banque Bonhôte & Cie SA must pay the US Department of Justice an extra $1,200,000, following an addendum to a non-prosecution agreement.

The original non-prosecution agreement was signed in November 2015, when Bonhôte reported it held and managed 63 US related accounts, with assets under management (AuM) exceeding $88 million. It paid a $624,000 penalty.

However, Bonhôte has now acknowledged it should have disclosed an additional eight US related accounts, with AUM of approximately $33 million, at this time.

The bank has otherwise fully cooperated with the department in respect to its obligations under ...