LALIVE advised Thurgauer Kantonalbank in successful completion of Category 3 participation under the U.S. Bank Program4 August 2016
LALIVE has acted as Swiss legal counsel to the cantonal bank Thurgauer Kantonalbank (“TKB” or “the bank”) in relation to its participation under Category 3 of the U.S. Bank Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks (“the Program”) of the U.S. Department of Justice (DOJ).
The bank elected to participate in this program in 2014 for the settlement of the Swiss/U.S. tax dispute as a Category 3 Bank, a category available to any Swiss bank not in violation of applicable U.S. criminal tax law. Following a comprehensive review, the bank has recently received a Non-Target Letter from the DOJ, confirming that TKB fulfills the requirements of a Category 3 Bank and can thus conclude the Program without paying a penalty. TKB participated in the Program in order to obtain legal certainty – although TKB as a regional bank never was active and will, in future not be active in the U.S.
The team at LALIVE was led by partner Daniel Lucien Bühr and was integrated by associates Sophie Stählin and Claudia Wyss, all of whom have significant experience in regulatory compliance and data protection in the banking sector.
The firm has advised a number of Swiss and foreign banks in this context, working closely with an established network of U.S. counsel.
Please see Thurgauer Kantonalbank’s press release here.
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