Swiss Banks used to be well-known for their discretion and many U.S. citizens and U.S.-connected individuals kept money in offshore accounts for privacy. The Swiss Bank Program, however, incentivizes banks that believe they could be charged with facilitating tax evasion to come forward and report on their customers.  If banks participate in the Swiss Bank Program, pay a fine, and cooperate with U.S. authorities, the banks will minimize the penalties they face for their own failures to follow tax rules. Many financial institutions have taken advantage of the Swiss Bank Program and the Department of Justice has announced four additional banks can be added to the lengthy list of institutions turning over details on accountholders.

The Swiss Bank Program has resulted in offshore banks paying millions of dollars in penalties.  Just recently, Courthouse News Service  indicated that there are three additional banks now participating in the Swiss Bank Program.