Swiss bank Banque Pictet admits hiding $5.6 billion of Americans' money from IRS

"Banque Pictet, the private banking division of the 218-year-old Pictet Group, will pay about $122.9 million in restitution and penalties as part of an agreement with prosecutors.

Between 2008 and 2014, the bank had 1,637 accounts on behalf of American clients, who collectively evaded approximately $50.6 million in U.S. taxes, the DOJ said."