The US Department of Justice is deepening its investigation into Credit Suisse and UBS over suspected violations of requirements that allegedly allowed Russian clients to avoid sanctions. This was reported by Bloomberg.
The investigation, which began with subpoenas at the beginning of the year, is now a full-scale investigation of Credit Suisse.
According to one of the sources, the US Department of Justice is also considering possible violations of the requirements for UBS.
At this stage, the investigation is still in its early stages and may or may not lead to charges or settlements.
This is also a difficult time for the Zurich-based bank, which has hired thousands of former Credit Suisse employees.
UBS also inherits Credit Suisse's legal problems, which were one of the main reasons for its bankruptcy in March.
The Justice Department's investigation includes an analysis of how banks have handled accounts of sanctioned customers over the past several years, and covers sanctions imposed in response to Russia's invasion of Ukraine in 2022, as well as earlier restrictions following the occupation of Crimea in 2014. Over the past decade, more than a thousand wealthy Russians have been blacklisted by the United States.
US Department of Justice expands investigation into Credit Suisse sanctions circumvention
- Politics
- 27 September 2023 -17:00
-
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US Department of Justice expands investigation into Credit Suisse sanctions circumvention
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The US Department of Justice is deepening its investigation into Credit Suisse and UBS over suspected violations of requirements that allegedly allowed Russian clients to avoid sanctions. This was reported by Bloomberg.
The investigation, which began with subpoenas at the beginning of the year, is now a full-scale investigation of Credit Suisse.
According to one of the sources, the US Department of Justice is also considering possible violations of the requirements for UBS.
At this stage, the investigation is still in its early stages and may or may not lead to charges or settlements.
This is also a difficult time for the Zurich-based bank, which has hired thousands of former Credit Suisse employees.
UBS also inherits Credit Suisse's legal problems, which were one of the main reasons for its bankruptcy in March.
The Justice Department's investigation includes an analysis of how banks have handled accounts of sanctioned customers over the past several years, and covers sanctions imposed in response to Russia's invasion of Ukraine in 2022, as well as earlier restrictions following the occupation of Crimea in 2014. Over the past decade, more than a thousand wealthy Russians have been blacklisted by the United States.