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Boston, MA 10/08/2014 (wallstreetpr) – Switzerland largest bank by asset UBS AG (NYSE:UBS) is under probe in France on allegations it aided wealthy French Nationals in evading paying taxes. If found guilty, the bank could incur a penalty of up to $6.3 billion. The bank has already been forced to hand over details of about 100 accounts suspected of engaging in illegal money laundering schemes.

The severity of the matter was recently highlighted after the bank was forced to pay a $1.41 billion bond as requested by French regulators. French prosecutors argue that the bank could have hid up to $12.4 billion for taxpayers in France. The Swiss federal court has already received appeals thought to be about ten, on people whose data related to the tax scam were handed over to French authorities.

One of the appeals has already been thrown out with the other nine awaiting to see the verdict from the Swiss court. Switzerland was forced to share the information after the financial crisis prompted a change of the country’s secrecy laws, related to financial matters.  A series of penalties have already befell UBS AG (NYSE:UBS) related to money laundering in the past. In 2009, the bank was fined $780 million in the U.S after being found liable of aiding some Americans avoid paying taxes.

The latest wave of investigation and hefty fines is expected to reduce transfer of funds to offshore accounts as one of the ways of avoiding paying taxes. UBS AG (NYSE:UBS) is not the only bank that has found itself in a collision course with regulators in the U.S and abroad. Credit Suisse Group AG (ADR) (NYSE:CS) also joins the ranks of banks who have been found guilty of facilitating the transfer of funds as a way of avoiding paying taxes. The bank has already paid a fine $2.6 billion after being found guilty of helping certain individuals in the U.S avoid paying taxes.