US scrutinises Russia accounts UBS took over from Credit Suisse: Sources
Russian clients that UBS took on when it bought Credit Suisse, three people familiar with the matter said, heightening scrutiny of one of the world's biggest wealth managers.
The U.S. sanctions enforcement agency, OFAC, has written to the bank as part of this inquiry, two people familiar with the matter told Reuters. A U.S. official, asking not to be named, said the Swiss bank and the enforcer have held discussions.
OFAC, or the Office of Foreign Assets Control, the globe's most powerful sanctions agency, wrote to UBS in recent weeks, said one of the people.
Spokespeople for UBS and OFAC declined to comment.
The review concerns Russian customers at Credit Suisse that UBS is now overseeing after rescuing the lender, two of the people said. Credit Suisse, UBS' smaller Swiss peer, imploded in March 2023 following years of scandals from spying to laundering drug money.
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