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UBS Face Fines In Switzerland: Claims Of Money Laundering

UBS Face Fines In Switzerland: Claims Of Money Laundering

الخميس, مايو 30th 2024

UBS fined CHF 50,000 by the Swiss Federal Department of Finance for failing to report money laundering warnings involving Yemen’s ex-president Saleh.

KEYSTONE/Martin Ruetschi

The Swiss Federal Department of Finance (FDF) has fined UBS CHF 50,000 for failing to report money laundering warnings related to accounts held by Yemen’s controversial ex-president, Ali Abdullah Saleh. SRF Investigativ reported this on Thursday, and the FDF confirmed the details to Keystone-SDA.

The penalty notice, dated April 4, 2024, became legally binding after the 30-day objection period expired. While the penalty notice is not currently available for inspection, the FDF’s actions mark a significant regulatory response.

UBS reportedly managed millions for Saleh, including a 2009 payment of over $10 million from the Sultan of Oman. This transaction, delivered by Saleh’s son to UBS in Zurich, raised internal warnings. However, instead of contacting the Money Laundering Reporting Office Switzerland (MROS), UBS employees merely noted, “It is common knowledge that rich rulers in the Arab world support their poorer colleagues with such gifts.”

Despite balancing the Saleh family accounts in 2011, UBS failed to report these concerns to authorities. The FDF noted that UBS also did not document why no report was made. The FDF described the culpability of the unidentified responsible persons at UBS as considerable. Due to slight negligence, the fine was set at CHF 50,000, the maximum penalty for a legal entity in administrative criminal proceedings by the FDF.

The investigation began in March 2021, taking about two years to process the documents and conclude the proceedings. UBS declined to comment on the report when approached by AWP.

© Keystone/SDA

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