UBS Group AG say it’s “not aware” of an investigation by the US Department of Justice into alleged compliance failures at Credit Suisse and UBS that may have allowed some of its Russian clients to evade sanctions.
(Bloomberg) — UBS Group AG say it’s “not aware” of an investigation by the US Department of Justice into alleged compliance failures at Credit Suisse and UBS that may have allowed some of its Russian clients to evade sanctions.
“The recent reporting on an alleged probe by the US Department of Justice into sanctions-related compliance failures at Credit Suisse and UBS is inaccurate,” the Zurich-based bank said Saturday in a statement. UBS didn’t specify what stories or which details it considered inaccurate.
Bloomberg reported on Sept. 27 that the DOJ has stepped up its probe into Credit Suisse and UBS over suspected compliance failures that allowed Russian clients to evade sanctions, citing people familiar with the situation. Both banks were among a range of lenders who were sent subpoenas, Bloomberg News reported in March.
The DOJ has briefed US-based lawyers for UBS about Credit Suisse’s alleged exposure to sanctions violations since UBS acquired its smaller rival in June, Bloomberg reported in this week’s story.
UBS declined to comment at the time of the March and September stories.
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