Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) SA (EdR) have reached a joint resolution with US authorities Swiss Bank Program to pay more than $45 million.

Both firms are affiliated with the Edmond de Rothschild Group. In 2012, EdR Switzerland agreed to acquire the Lugano-based Sella Bank AG, which became part of Edmond de Rothschild (Lugano) SA in 2013.

According to the US Department of Justice or decades prior to and through 2013, EdR Switzerland aided and assisted US clients in opening and maintaining undeclared accounts in Switzerland and concealing the assets and income they held in these accounts....