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On June 22, 2016, UBS complied with a summons issued by the IRS
and produced bank records regarding an account held by or on
behalf of Ching-Ye Hsiaw. Account holder Hsiaw is under
investigation by the IRS for failing to disclose foreign bank
accounts. The IRS alleged that Hsiaw had transferred funds
from a foreign account at UBS in Switzerland to UBS's
Singapore branch in 2002. The IRS sought the records to determine
Hsiaw's federal income tax liabilities for tax years 2006
through 2011.
UBS initially refused to turn over the account
records. This led the Department of Justice to file a
petition in federal district court to enforce the IRS
administrative summons. The federal court had issued an order
to show cause to UBS to explain why UBS should not be
compelled to obey the summons. By producing the
Singapore-based records responsive to the IRS's request,
the Justice Department voluntarily dismissed its summons
enforcement action against the bank.
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