Skip to content

Corruption Ledger

The Public Ledger of Corruption

  • Corruption
    • banks
    • corporate
    • environment
    • government
    • health
    • leaks
    • misinformation
    • protest & unrest
  • Crime
  • Sanctions
    • sanctions news
    • global sanctions feed
    • european sanctions feed
    • canadian sanctions feed
    • US sanctions feed
  • International Conflict
    • war
    • war machines
  • Business & Economy
  • Tech
  • Privacy
  • Regions
    • Africas
    • Asias
    • Europe
    • Oceania
    • Middle East
    • U.S.
    • World
  • News about Journalism
  • Toggle search form
  • US / SEC sues Coinbase and Binance, files motion to freeze Binance assets _enforcement
  • Document reveals why Canada arms Saudi Arabia – media Business & Economy
  • Ukraine, media falsely report that Jewish Babyn Yar memorial was bombed by Russia Corruption
  • Report: Russia formally charges Wall Street Journal reporter Censorship Free Speech
  • Kremlin comments on WSJ correspondent arrest Aerospace
  • Nord Stream attack: Leaked US intel. suggests pro-Ukrainian group behind sabotage + Corruption Ledger #RealityCheck corporate corruption
  • Kremlin critic Kara-Murza goes on trial for treason Censorship Free Speech
  • Wave of raids, arrests target government critics in Tunisia government corruption

Credit Suisse, UBS facing US Russia-sanctions probe, subpoenas also sent to employees major US banks

Posted on March 24, 2023May 26, 2023 By 5amResearch No Comments on Credit Suisse, UBS facing US Russia-sanctions probe, subpoenas also sent to employees major US banks

Credit Suisse Group AG and UBS Group AG are among the banks under scrutiny in a US Justice Department probe into whether financial professionals helped Russian oligarchs evade sanctions, according to people familiar with the matter.

The Swiss banks were included in a recent wave of subpoenas sent out by the US government, the people said. The information requests were sent before the crisis that engulfed Credit Suisse and resulted in UBS’s proposed takeover of its rival.

Subpoenas also went to employees of some major US banks, two people with knowledge of the inquiries, said.

The Justice Department inquiries are focused on identifying which bank employees dealt with sanctioned clients and how those clients were vetted over the past several years, according to one of the people. Those bankers and advisers may then be subject to further investigation to determine if they broke any laws.

Credit Suisse and UBS both declined to comment.

Before the Russian invasion of Ukraine resulted in expanded sanctions, Credit Suisse was well-known for catering to wealthy Russians. At its peak, the bank managed more than $60 billion for Russian clients, who generated between $500 million and $600 million a year in revenue for Credit Suisse.

At the time it discontinued its business with individual Russian clients last May, Credit Suisse held about $33 billion for them, 50% more than UBS, despite the latter’s larger wealth management business.

The Justice Department last year launched its KleptoCapture task force to enforce sanctions on wealthy Russians who are political allies of President Vladimir Putin. The US government has since seized a number of yachts, private planes and luxury properties.

Last month, the US moved to seize homes in New York, Florida and the Hamptons owned by sanctioned oligarch Viktor Vekselberg.

A number of individuals have also been charged with helping oligarchs hide assets — British businessman Graham Bonham-Carter was arrested in October on charges that he illegally transferred $1 million to maintain US properties for sanctioned billionaire Oleg Deripaska. A former senior Federal Bureau of Investigation agent was also charged with helping Deripaska violate sanctions in January.

Banks can face serious penalties for violating US sanctions. BNP Paribas in 2014 agreed to pay nearly $9 billion after pleading guilty to US charges for processing transactions for sanctioned Sudanese, Iranian and Cuban entities. In 2019, Standard Chartered Bank agreed to pay more than $1 billion to settle a Justice Department probe, in which a former bank employee pleaded guilty to conspiring to violate US sanctions on Iran.

As the Credit Suisse rescue plan emerged over the weekend, UBS expressed general concerns about taking on its rival’s potential legal liabilities. The Swiss government has said it would guarantee up to 9 billion francs ($9.8 billion) in losses to UBS from the deal.

US Deputy Attorney General Lisa Monaco in early March said the Justice Department was responding to the “uncertain geopolitical environment” by beefing up its national security division, which enforces sanctions violations.

“Corporate crime and national security are overlapping to a degree never seen before, and the department is retooling to meet that challenge,” Monaco said.

https://www.bloomberg.com/news/articles/2023-03-24/ubs-sends-khan-to-stem-credit-suisse-s-private-banker-exits#xj4y7vzkg

Related

_enforcement, All News, banks, Business & Economy, Compliance, corporate corruption, Corruption, Enforcement Actions, enforcement archive, International Conflict, Investigations, Regulatory News, Sanctions, Spotlight Tags:All Regions, Corruption, Region africas, Region Americas, Region Asias, Region Middle East, Region Oceania, Region US

Post navigation

Previous Post: Japan’s Offshore Anxiety: Foreign bonds bank run
Next Post: US due diligence firm Mintz Group says staff detained in China after office raid

You must log in to post a comment.

Wall of Shame

  • Ledger of Lies
  • Enforcement Actions
  • Misinformation & Censorship
  • In Court

Recent

  • US / SEC sues Coinbase and Binance, files motion to freeze Binance assets
  • Raging Canada Wildfires Threaten Critical Infrastructure, Force Evacuations
  • Disgruntled employer Fox News says Tucker Carlson breached his contract: Report
  • Saudi crown prince, US’ Blinken had ‘candid’ talks in Jeddah
  • Italian police search former defense exec’s home in corruption probe
  • Meta to let users refuse its cross-site tracking following German antitrust intervention
  • Ex-CIA advisor theorizes date when Dollar’s dominance may start to crumble
  • Treasury ‘sleeping at the wheel’ on PwC tax scandal
  • Biden Signs Bill to Raise US Debt Ceiling to Avoid Default
  • A federal judge rejects Tennessee’s anti-drag law as too broad and vague
About CL
  • US authorities seize more domains linked to prolific DDoS-for-hire websites Crime
  • GIC to jointly acquire commercial assets in India for $1.89 billion Business & Economy
  • Hungary Signs Gas Purchase Agreement With Qatar Business & Economy
  • Japanese gene bank a vital insurance policy against food crop threats banks
  • Meta Fined €390 Million by Irish DPC for Alleged Breaches of GDPR, Including in Behavioral Advertising Context _enforcement
  • US Announces Charges Related to Efforts by Russia, China, Iran to Steal Technology Crime
Rumble Video

Copyright © 2022 Corruption Ledger. This web site contains no ads.