International banks are subject to increasing global regulatory focus, especially regarding the tax compliance of their clients with cross-border accounts.
Davis Polk has substantial experience representing international banks in criminal and regulatory investigations by the SEC, DOJ, New York Department of Financial Services and other regulators relating to cross-border tax issues, as well as related civil litigation, such as shareholder derivative actions. We have also conducted internal investigations for international banks into cross-border tax compliance, including sample-testing of accounts and risk assessments of particular cross-border relationships, products and services. These matters have involved close collaboration across many of our practices, including white collar defense, tax, trusts and estates, securities, financial institutions, and investment management.
Davis Polk has also assessed and revised the compliance policies, procedures and training programs of a number of international financial institutions, working to create, implement and test global tax compliance programs, both before and after government resolutions. We also regularly communicate and negotiate with U.S. and foreign governmental and regulatory authorities, and with independent monitors, on behalf of our clients in this area.