UBS, led by CEO Sergio Ermotti, is reviewing Credit Suisse’s books.
American officials have begun scrutinizing the accounts of Russian clients who moved to Switzerland’s biggest bank, UBS, after it bought Credit Suisse. Three sources familiar with the matter said so in comments to Reuters.
The Office of Foreign Assets Control (OFAC) sent a letter to the bank about this. The Swiss bank and the agency have already conducted negotiations.
The bank, led by CEO Sergio Ermotti, is reviewing Credit Suisse’s books, getting rid of unwanted clients and assets, including those linked to the Russian Federation.
Those subject to US sanctions—for example, a bank that pays a sanctioned bank—may be subject to fines.
It is not yet known how much money of Russian origin is actually in UBS today. By 2022, the former CEO of Credit Suisse reported that 4% of the money managed by the bank will belong to Russian clients, equivalent to about $35 billion.
UBS is trying to contain any potential impact of the OFAC requests by blocking suspicious money and terminating accounts to avoid the threat of sanctions.
Credit Suisse, now owned by UBS, went bankrupt in March 2023 after years of scandals ranging from espionage to drug money laundering.
Let’s recall that in March of this year it became known that Swiss banks began to close the accounts of clients with Russian citizenship, even if they had a passport of another country at the same time.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.