Swiss bank UBS said on Saturday that it is “not aware” of a probe by the US Department of Justice (DOJ) into alleged sanctions-related compliance failures
The statement comes after a Bloomberg report earlier this week said that UBS is facing a widening probe by the DOJ over suspected compliance failures that allowed Russian clients to evade sanctions.
The DOJ has reportedly been investigating UBS for several months and has briefed US-based lawyers for UBS about its concerns.
The DOJ is reportedly looking into whether UBS failed to adequately screen Russian clients and transactions, and whether it helped Russian clients to evade sanctions.
UBS has said that it is cooperating with the DOJ investigation and that it is committed to complying with all applicable sanctions laws. The bank has also said that it has not seen any evidence that it has violated any sanctions laws.
The DOJ investigation into UBS is part of a broader effort by the US government to crack down on sanctions evasion. The US government has imposed a number of sanctions on Russia in response to its invasion of Ukraine, and it is determined to prevent Russian individuals and entities from evading these sanctions.
The investigation into UBS is a reminder that banks need to be vigilant in complying with sanctions laws. Banks that fail to comply with sanctions laws could face significant penalties, including fines, criminal charges, and loss of their banking license.