No more veil of secrecy : Swiss Bank to Give Up Depositors' Names to Prosecutors

In a significant break from Switzerland's tradition of banking secrecy, UBS AG has agreed to turn over to the U.S. government the names of about 250 account holders and pay a $780 million fine as part of a deal to settle a U.S. criminal probe, the Department of Justice said.

UBS must abide by terms of the settlement or risk being indicted, in what's known as a deferred prosecution agreement. The U.S. government has been conducting a wide-ranging tax-evasion probe over the Swiss bank's offshore private-banking services for wealthy Americans.