A Swiss private bank that is said to be Zurich's oldest has agreed to pay the U.S. Justice Department US$22 million, in return for avoiding prosecution on grounds that it had helped certain of its American clients to avoid their U.S. tax obligations.

Twelve Swiss banks and one fiduciary firm have been formally notified by the Swiss government that the U.S. is expecting them to provide data on certain of their American account-holders, as required by FATCA.

Americans, Brits and others with Swiss bank accounts prior to 2012 are being warned that time is running out for them to get back any hidden commissions they may have paid.

This comes in the wake of a recent Swiss Supreme Court ruling which updated four earlier decisions, and which, some say, has shone a timely spotlight on a little-known virtual pot of unclaimed cash…