UBS has agreed to pay a €5 million fine imposed by Dutch prosecutors for its role in helping Dutch clients conceal savings from tax authorities — a liability inherited when UBS acquired Credit Suisse in 2023. The fine relates to twelve customers who, between 2005 and 2015, held undeclared funds in Swiss accounts, with Credit Suisse allegedly facilitating the scheme by opening accounts, withholding mail, and allowing clients to use code names when contacting the bank. Prosecutors, who launched the investigation through the FIOD (the Netherlands' financial crimes unit) in 2016, linked the bank to 80 false tax returns, and said UBS will not face further prosecution now that it has agreed to pay; the twelve clients have already received back-tax demands and penalties.