If the managers of a Swiss-based private bank had only listened to their compliance officer, documents show they might have saved the bank nearly $10.7 million and themselves a lot of grief.

The U.S. Department of Justice announced Monday it has reached a resolution and non-prosecution agreement with Zurich-based LLB Verwaltung (Switzerland) AG over allegedly hiding foreign assets from U.S. tax authorities. The bank was formerly known as Liechtensteinische Landesbank (Schweiz) AG after it was acquired in 1997 by a bank headquartered in Liechtenstein.

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