UBS, a Swiss bank, stated that it had no knowledge of a probe by the U.S. Department of Justice regarding alleged sanctions-related compliance failures. This statement comes after a media report earlier in the week. UBS clarified that the recent reporting on the alleged probe is inaccurate. The bank emphasized that it has actively reduced its exposure to Russia. A UBS spokesperson declined to provide further comment on the matter.
On Wednesday, trading in UBS shares was temporarily halted following a Bloomberg News report. The report claimed that a full-scale investigation by the U.S. Department of Justice was underway. The investigation focused on alleged compliance failures that facilitated Russian clients in evading sanctions. UBS shares fell nearly 8% in response to the report. The Department of Justice and UBS declined to comment on the report when asked by RushHourDaily.
Bloomberg News has not yet responded to UBS’s statement. According to Bloomberg’s report, the Department of Justice had spoken to U.S.-based lawyers for UBS regarding Credit Suisse’s alleged exposure to sanctions violations. This occurred after UBS acquired Credit Suisse in June. The report also mentioned that the Department of Justice is investigating possible compliance failures at UBS. However, the investigation is still in its early stages and may not lead to charges or a settlement.
The article was written by Noele Illien and edited by David Holmes and Alexander Smith. The Thomson RushHourDaily Trust Principles are followed in their reporting.
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