A Swiss financial and asset manager, Mirelis Holding, has reached a resolution with the US Justice Department under which it will pay $10.2 million.

In return, the firm won’t be prosecuted for tax-related criminal offences and will have to demonstrate its implementation of controls to stop misconduct involving undeclared US accounts.

Between 2008 and 2014, the aggregate maximum balance of the assets under management of Mirelis’s US taxpayer clients was approximately $315 million, consisting of both assets held in custody at Mirelis and assets held at third-party depository institutions, the departm...