US Investigates UBS Bank Over Russian Clients
The US government is looking into accounts held by Russians at the Swiss bank UBS. This happened after UBS took over some client accounts from another bank, Credit Suisse.
UBS has put money that might be linked to these Russian clients aside. This way, they can avoid getting fined by the US government for breaking sanctions.
The US agency in charge of enforcing economic penalties, called OFAC, is leading this investigation. They are looking into how UBS handled these accounts when it took over Credit Suisse’s business.