UBS denies knowledge of a US Department of Justice (DOJ) investigation regarding alleged compliance failures linked to helping Russian clients to evade sanctions.
Last week it was reported The US Department of Justice is expanding its investigation into Credit Suisse and UBS amid suspicions the banks enabled sanctions violations by Russian clients by ignoring compliance rules.
Over the weekend, UBS said it was not aware of any such investigation.
«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. We're not aware of such a probe,» UBS said in a statement also made available to finews.com.
DOJ Requests Information
The Justice Department requested information from the banks on the handling of the accounts of sanctioned clients in recent years, according to a «Bloomberg» (behind paywall) report which cited sources familiar with the matter, although no employees or executives have been questioned to date. At issue are sanctions imposed after Russia invaded Ukraine last year, and earlier measures following its annexation of Crimea in 2014.
Last week «Bloomberg» reported the investigation is still at an early stage, and it's unclear whether charges will be filed or the case will be dropped.
Credit Suisse and UBS have significantly cut their exposure related to Russia and aren't conducting new business with Russia or clients domiciled there.
