UBS AG's $780 million settlement with U.S. authorities to avoid prosecution for helping Americans cheat on their taxes has opened a Pandora's box for banks worldwide.

A U.S. tax program encouraging UBS clients to avoid criminal inquiries by declaring offshore accounts before Sept. 23 is prompting a flood of disclosures by customers of Zurich's Credit Suisse Group AG and Julius Baer Holding AG, LGT Group in Liechtenstein, HSBC Holdings PLC, and Bank Leumi Le-Israel Ltd., tax attorneys said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.