UBS had 47,000 accounts from U.S. Citizens who didn’t pay U.S. taxes on their assets, a top executive from the Swiss bank confirmed on Wednesday.
Mark Branson, UBS chief financial officer of the bank’s global wealth management unit confirmed the figure of 47,000 accounts as of September 30 as he testified today before a Congressional panel.
However will only provide the names of 300 American clients, according to the Associate Press.
Nearly all of the accounts had been closed, Branson said.
UBS cannot disclose information to the IRS that would put its employees at serious risk of criminal prosecution under Swiss law, said Branson, according to AP.
The bank may be subject to criminal charges if it doesn’t meet the terms it agreed to with the U.S. government, the report states.
UBS has previously accepted that it helped Americans hide assets and agreed to pay $780 million in fines.