Reported 12 days ago
The United States is investigating UBS for Russian accounts it took over from Credit Suisse amid rising scrutiny of the bank's handling of potentially problematic clients. The inquiry, led by the Office of Foreign Assets Control (OFAC), comes in the wake of severe sanctions due to Russia's actions in Ukraine. UBS is actively reviewing its clients and attempting to isolate suspect accounts to mitigate penalties, while regulators in Switzerland express concerns about UBS managing risky clientele.
Source: YAHOO