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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.
UBS is reportedly under investigation by US authorities concerning Russian clients acquired during its takeover of Credit Suisse. The Office of Foreign Assets Control (OFAC) has reached out to UBS, prompting the bank to segregate suspicious funds and close certain accounts to mitigate potential repercussions. While UBS is cooperating, the extent of problematic Russian assets remains unclear, with Russian clients previously accounting for nearly 4% of Credit Suisse's assets under management.
UBS is under scrutiny from the U.S. Office of Foreign Assets Control regarding Russian clients acquired through its takeover of Credit Suisse. The investigation follows previous reports of sanctions violations by Swiss banks, with UBS emphasizing a conservative risk profile and a review of client relationships. As of late 2023, Switzerland has around 2,250 entities on its sanctions list related to the Ukraine situation, with blocked assets totaling 5.8 billion francs.
The US is investigating UBS regarding its Russian clients following its acquisition of Credit Suisse, which collapsed amid scandals. The Treasury's OFAC has communicated with UBS about potential sanctions violations, prompting the bank to review and possibly sever ties with risky clients linked to Russia. Concerns persist over Switzerland's lack of transparency in asset ownership, which complicates efforts to enforce sanctions effectively.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse during its emergency takeover. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding the segregation of suspicious funds, as the US intensifies scrutiny on financial dealings with Russian clients amid ongoing sanctions. UBS is in the process of integrating approximately 1.3 million former Credit Suisse clients while shedding those linked to Russia, amidst rising tensions between the US and Switzerland over financial transparency.
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.
The US sanctions authority OFAC is investigating UBS over its dealings with Russian clients acquired through the Credit Suisse purchase, amid growing concerns about money laundering. UBS is reportedly cooperating and has begun blocking accounts with suspicious Russian assets, as the US intensifies pressure on Switzerland to address loopholes in its anti-money laundering laws. OFAC's frustration stems from the lack of transparency regarding beneficial ownership of assets, raising fears that Switzerland is being used to facilitate illegal funds.
The US 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 manage potentially problematic accounts. Concerns persist about Switzerland's regulatory framework, which may allow illicit finance to flow through its banking system.
The U.S. is investigating Russian clients that UBS acquired from Credit Suisse, amid heightened scrutiny of the bank's handling of potentially problematic accounts. The Office of Foreign Assets Control (OFAC) has engaged with UBS, emphasizing the need for compliance to avoid penalties, as the bank works to offload risky clients and enhance its anti-money laundering measures. Concerns persist over Switzerland's lack of transparency regarding asset ownership, which complicates efforts to enforce sanctions against Russian individuals.
The U.S. is investigating Russian clients that UBS inherited 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. Regulators in Switzerland are also examining UBS's handling of these clients and its anti-money laundering practices amid concerns over exposure to risky clients.
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10:05 13.11.2024
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