U.S. Censures UBS Over Its Anti-Money Laundering Systems
UBS Group AG UBS 0.33% was blamed by a U.S. controller for "fundamental inadequacies" in against tax evasion frameworks at its branches in New York, Connecticut, and Florida.
The implementation arrange, reported Friday by the Office of the Comptroller of the Currency, didn't accompany financial punishments. The bank could confront fines later on the off chance that it doesn't address issues the controller sees.
All things considered, the OCC arrange is a bruised eye for the Swiss keeping money goliath, which like other enormous Swiss banks has turned its concentration to overseeing well off customers' cash lately.
"We are attempting to completely consent to the request's prerequisites," a UBS representative said.
The branches abused U.S. runs by having deficient frameworks for distinguishing unlawful monetary exchanges and feeble oversight of those frameworks, which made it not record opportune suspicious-movement reports, the OCC arrange said. The request additionally refered to inadequacies in client due perseverance. It records a progression of activities the bank is required to take in the coming a very long time to fulfill the controller's desires.
Swiss banks have paid heavy fines in the previous decade to settle accuses of U.S. specialists identified with helping tax avoidance and the offering of home loan sponsored securities. UBS paid a $780 million fine in 2009 to settle a Justice Department tax-avoidance test.
A year ago, Swiss banks actualized a program to naturally trade customer data to assess experts in many nations.
The implementation arrange, reported Friday by the Office of the Comptroller of the Currency, didn't accompany financial punishments. The bank could confront fines later on the off chance that it doesn't address issues the controller sees.
All things considered, the OCC arrange is a bruised eye for the Swiss keeping money goliath, which like other enormous Swiss banks has turned its concentration to overseeing well off customers' cash lately.
"We are attempting to completely consent to the request's prerequisites," a UBS representative said.
The branches abused U.S. runs by having deficient frameworks for distinguishing unlawful monetary exchanges and feeble oversight of those frameworks, which made it not record opportune suspicious-movement reports, the OCC arrange said. The request additionally refered to inadequacies in client due perseverance. It records a progression of activities the bank is required to take in the coming a very long time to fulfill the controller's desires.
Swiss banks have paid heavy fines in the previous decade to settle accuses of U.S. specialists identified with helping tax avoidance and the offering of home loan sponsored securities. UBS paid a $780 million fine in 2009 to settle a Justice Department tax-avoidance test.
A year ago, Swiss banks actualized a program to naturally trade customer data to assess experts in many nations.
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