The Swiss Department of Finance said Tuesday the country's tax authorities have processed and sent off more than 500 cases related to UBS AG clients in response to requests for assistance from their U.S. counterparts.

The cases are related to a recent settlement between UBS and the U.S. Internal Revenue Service, hammered out by the U.S. and Switzerland in August as the U.S. seeks to crack down on potential tax evasion by its citizens holding Swiss accounts.