UBS, Switzerland's largest bank, has admitted to helping U.S. taxpayers hide bank accounts from the Internal Revenue Service and has entered into a deferred-prosecution agreement, the Justice Department announced Wednesday.

As part of the Wednesday agreement, UBS has agreed to immediately provide the U.S. government with the identities and account information of some U.S. customers.

UBS also has agreed to pay $780 million in fines, penalties, and restitution.

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