2023-09-30 10:38:04
UBS said on Saturday it was “not aware” of the US Department of Justice’s investigation into alleged sanctions violations, following a media report earlier this year. week.
“We are not aware of any such investigation,” UBS said in a statement. “UBS and CS have significantly and proactively reduced their Russia-related exposure.
On Wednesday, Bloomberg reported that a large-scale investigation by the U.S. Justice Department was underway into alleged compliance lapses that helped Russian clients evade sanctions.
The Justice Department declined to comment, and UBS also declined to respond to Archyde.com on Wednesday when asked to respond to the report.
Trading in UBS shares was temporarily halted following they fell nearly 8% following the article.
Citing unnamed people familiar with the matter, Bloomberg reported that the Justice Department had spoken with UBS’s U.S. lawyers regarding Credit Suisse’s alleged exposure to sanctions violations since UBS bought out its smaller rival in June.
The Justice Department is also looking into possible compliance lapses at UBS, one of the people cited by Bloomberg said. These people clarified that the investigation is in its early stages and that it may not result in an indictment or a settlement. (Reporting by Noele Illien; writing by David Holmes)
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