By now, most readers have become familiar with the details of the non-Prosecution Agreement, between the US Government, and the Swiss private bank, BSI SA, especially the $211m civil penalty, but buried within the information released are techniques, employed by bank staff, that are typically used by money launderers, not legitimate bankers. Therein lies the shame of this case, as no individuals apparently are being indicted for their crimes & transgressions.
Here are a couple of the tricks used by the BSI bankers:
(1) Giving their American tax-cheating clients blank debit cards, drawn on two US banks, which allowed them to draw on their Swiss cash. I would surely love to know which banks were involved.
(2) Using Panamanian corporations, possessing, of course, bearer shares, to totally conceal beneficial ownership of the assets.
(3) Placing the clients' funds into accounts allegedly owned by a bogus insurance company ( known to BSI as an insurance wrapper).
(4) Formation of trusts. and other non-transparent vehicles, purely to conceal their clients' identities.
I suggest you review the complete text of the stipulated Statement of Facts* to fully understand the depths to which BSI bankers sank, to protect their clients from the taxman.
*Statement of Facts