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Swiss private bank EFG says will join US tax deal

ZURICH (Reuters) - EFG International on Friday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts. The Zurich-based bank said it had decided to participate in the scheme - brokered by the Swiss and U.S. governments in August - to make amends for aiding tax evasion, in keeping with recommendations from Swiss regulators.

Swiss bank EFGI's UK arm fined for lax money laundering checks

LONDON (Reuters) - The Financial Conduct Authority has fined the UK subsidiary of Swiss private banking group EFG International 4.2 million pounds for failing to establish effective anti-money laundering controls for its wealthy customers. The FCA said UK regulators first became seriously concerned about procedures at EFG Private Bank Ltd during a spot check on how UK banks were managing money laundering risks in January 2011.
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