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US sanctions authorities are investigating UBS regarding its Russian clients following its acquisition of Credit Suisse, which included clients that may not meet UBS's risk standards. The Office of Foreign Assets Control (OFAC) has reached out to UBS for information, amid ongoing scrutiny of potential sanctions violations by major Swiss banks. UBS has committed to reviewing client relationships and maintaining a conservative risk profile, especially after the significant reduction of Russian client funds post-Ukraine invasion.
The U.S. is investigating UBS over Russian clients acquired from Credit Suisse, amid heightened scrutiny following the latter"s collapse. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding compliance with sanctions, as the bank seeks to mitigate potential fallout by isolating suspect funds. UBS shares fell nearly 1% as regulators in Switzerland also examine the bank"s handling of these clients and its anti-money laundering practices.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse amid heightened scrutiny following sanctions related to Russia's invasion of Ukraine. UBS is reportedly segregating suspicious funds and closing accounts linked to Russian clients to mitigate potential risks. Tensions between the US and Switzerland are rising, with calls for greater transparency in financial dealings to prevent illicit activities.
Elisabeth Baume-Schneider has left the social network X, citing a shift in the platform's culture that no longer aligns with her values. Meanwhile, the National Council's Finance Committee will present budget options amid cuts, and the Jura government will unveil its prison strategy addressing overcrowding issues. In international news, US Secretary of State Antony Blinken is set to meet NATO and EU officials to discuss support for Ukraine, while German Chancellor Olaf Scholz prepares to address the Bundestag following his coalition's collapse.
The U.S. is investigating Russian clients that UBS acquired from Credit Suisse, which collapsed in March 2023. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding potential sanctions violations, prompting the bank to isolate suspicious funds and close certain accounts. UBS is under scrutiny for its anti-money laundering practices amid heightened risks associated with Russian dealings following the invasion of Ukraine.
As Donald Trump prepares for a potential second term, significant shifts in U.S. space and defense policy are anticipated, particularly with a Republican-controlled Congress likely boosting defense spending. Concerns arise over strained alliances, especially with NATO and in the Asia-Pacific, as Trump's unpredictable approach may impact international cooperation and support for Ukraine.Elon Musk's influence on space policy could accelerate innovation but raise transparency issues, while a potential "America First" stance may deprioritize global collaboration in space. Key recommendations for U.S. space policy include securing the industrial base, maintaining global leadership, and adapting to a crowded space environment.
Donald Trump is set to expand domestic oil and gas production and relax environmental regulations in his second term, while also seeking to withdraw from the Paris Climate Agreement. His administration is shaping up with hardliners, including Stephen Miller as deputy chief of staff and Kristi Noem as Secretary of Homeland Security, focusing on mass deportations and a tough stance on China. Marco Rubio is likely to be appointed Secretary of State, and Elise Stefanik will serve as UN Ambassador, with plans to relax EPA regulations while maintaining environmental standards.
Ecosia and Qwant have formed a joint venture, the European Search Perspective (EUSP), to create a European search index, aiming to reduce reliance on U.S. tech firms and enhance search results in French and German. Set to launch in early 2025, the initiative will prioritize privacy and sustainability, allowing other independent search engines to utilize the new infrastructure. This move comes amid rising costs from Microsoft for access to its Bing Search API, highlighting the need for European tech sovereignty.
The International Monetary Fund has initiated a review of its loan program with Ukraine, despite delays in the country's tax legislation. IMF staff are in Kyiv for discussions that could lead to a $1.1 billion disbursement if Ukraine meets its commitments, with potential funding in December.
Europe faces the risk of a recession in 2025 due to proposed tariffs by President-elect Trump, according to analysts at ING. The eurozone, already experiencing sluggish growth, could be pushed into a full-blown recession as tariffs on imports, particularly affecting the automotive sector, threaten economic stability. Additionally, uncertainty regarding US military support for Ukraine may further undermine confidence in the European economy.
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us authorities investigate ubS over russian clients following credit suisse takeover
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12:08 13.11.2024
us investigates ubss handling of russian accounts from credit suisse acquisition
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us investigates ubss handling of russian accounts from credit suisse acquisition
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us investigates ubS over russian clients acquired from credit suisse
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european search engines unite to create independent search infrastructure
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