as unregistered investment advisers on undeclared accounts, according to the statement of facts filed with the plea agreement.
It also facilitated withdrawals of funds from the undeclared accounts by either providing hand-delivered cash in the US or using Credit Suisse's correspondent bank accounts in America; structuring transfers of funds to evade currency transaction reporting requirements; and providing offshore credit and debit cards to repatriate funds in the undeclared accounts.
"The bank went to elaborate lengths to shield itself, its employees, and the tax cheats it served from accountability for their criminal actions.
"They subverted disclosure requirements, destroyed bank records, and concealed transactions involving undeclared accounts by limiting withdrawal amounts and using offshore credit and debit cards to repatriate funds," Holder said.
"They failed to take even the most basic steps to ensure compliance with tax laws.
And when the bank finally began to feel pressure to correct illegal practices and comply with the law – as a result of the Justice Department's investigation, of which they were notified in 2010 – Credit Suisse failed to retain key documents, allowed evidence to be lost or destroyed, and conducted a shamefully inadequate internal inquiry," he said.