In July of 2015, Privatbank Von Graffenried AG became the 15th offshore bank to participate in the Swiss Bank Program. The Swiss Bank Program incentivizes foreign banks to turn over U.S.-affiliated customers who may not have complied with their reporting requirements or tax obligations. U.S. taxpayers are supposed to file annual reports of offshore bank accounts and pay taxes on income. 

The Department of Justice and the Internal Revenue Service continue to aggressively pursue legal action against accountholders affiliated with the United States who have undeclared offshore financial accounts. U.S. authorities are also going after banks who helped accountholders avoid their IRS reporting requirements.