Swiss bank Julius Baer has reached a settlement with the United States government, agreeing to pay $122.9 million after admitting it helped dozens of U.S. citizens evade taxes by hiding billions in assets. The bank, which is Switzerland’s third-largest financial institution, misused offshore accounts and provided assistance to clients to help them evade paying taxes to the IRS. The Department of Justice is now leading investigations into numerous other banks in Switzerland that have provided similar services. In the settlement, Julius Baer will pay $87 million to settle criminal charges that carry jail time, while the remaining $35.9 million will go toward taxation and forfeiture claims. Julius Baer will also commit to making its operations more transparent and agreeing to policies that prevent future misuses of offshore accounts. The agreement between the U.S. government and Julius Baer comes after years of investigation and accusations from both the IRS and Department of Justice. Julius Baer had been accused of facilitating U.S. citizens to use their offshore accounts in Singapore, Panama, and other countries to hide their assets and income from the IRS. Prosecutors also charged that the bank had provided additional financial services and advice to the same customers in order to hide their accounts and the income from U.S. authorities. U.S. Attorney Eileen M. Decker commented on the agreement, saying “Today’s resolution sends a clear message that banks and financial advisers that help their American customers evade their US tax obligations will be brought to justice.” Julius Baer is the latest in a series of Swiss banks that have been accused of helping American customers evade taxes. The Department of Justice is currently looking into similar accusations against a total of 14 Swiss banks and has so far obtained settlements with six of the banks. As it stands, Julius Baer’s settlement is the largest of any bank to enter a plea agreement with the U.S. government. As part of Julius Baer’s agreement, the bank has committed to adopting a series of much needed and higher transparency standards in its offshore banking services. This includes more vigorous implementation of the Foreign Account Tax Compliance Act and more exhaustive internal controls to ensure that no U.S. citizens are able to hide their assets and income from U.S. authorities. The settlement between Julius Baer and the Department of Justice serves as an important reminder that U.S. citizens should comply with all domestic and international tax laws. While the Julius Baer case has come to a close, the U.S. government is continuing its investigations, so those who have not yet settled should do so before it is too late.