UBS says rumours of DOJ sanction-violations probe are off the mark

<img width="250" height="166" src="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-250×166.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="UBS" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-250×166.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-700×465.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-768×510.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894-500×332.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-UBS-says-rumours-of-DOJ-sanction-violations-probe-iStock-511592502-5255862894.jpg 1257w" sizes="(max-width: 250px) 100vw, 250px" /><p>UBS share trading stopped temporarily on 27th September after falling by nearly 8%. This occurred in the wake of a Bloomberg news report about a current US Department of Justice probe into the possibility that the financial institution failed to comply with sanctions and, in doing so, helped Russian clients side-step the sanctions. In light of these allegations, UBS said:</p>
<blockquote><p>The recent reporting on an alleged probe by the US Department of Justice into sanctions-related compliance failures at Credit Suisse and UBS is inaccurate. We’re not aware of such a probe. UBS and CS have significantly and proactively reduced their Russia-related exposure.</p></blockquote>
<p>According to a Reuters report, the institution declined further comment. Reuters further indicated that neither the US Department of Justice nor UBS responded to requests for comments last Wednesday when the allegations first surfaced.</p>
<hr />
<p><a href="https://finaffiliates.us20.list-manage.com/subscribe/post?u=e0dd4d77c259eb270712a4eeb&amp;id=fd200b8f75&amp;v_id=4291&amp;f_id=00946ce6f0" target="_blank" rel="noopener"><em>Don’t miss out the latest news, subscribe to LeapRate’s newsletter</em></a></p>
<hr />
<p>In July, the Swiss Bankers Association estimated that more than $200bn in Russian currency was hidden in Swiss financial institutions. A CNN report, however, detailed how Drew Sullivan, co-founder of the Organised Crime and Corruption Reporting Project, told the Commission on Security and Cooperation in Europe this estimate could be well below the actual figure.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/ubs-says-rumours-of-doj-sanction-violations-probe-are-off-the-mark/">UBS says rumours of DOJ sanction-violations probe are off the mark</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>