Anyone who is a citizen of the United States must provide annual reports of money and assets held in accounts located in offshore financial institutions.  This requirement was established by the Foreign Account Tax Compliance Act (FATCA) in an effort to help fight tax evasion.  Because some individuals do not voluntarily report their accounts as required, the U.S. government is also seeking to obtain information from foreign financial institutions (FFIs). 

Société Générale Private Banking is one of many offshore banks that believed it could potentially be prosecuted by U.S. authorities for its role in helping U.S.-affiliated accountholders to avoid following tax laws.  Banks like Société Générale Private Banking have been given the opportunity to participate in an amnesty program called the Swiss Bank Program.