Bloomberg reported on the US Department of Justice’s suspicions of Credit Suisse and UBS due to sanctions – Kommersant

The US Department of Justice is expanding and intensifying its investigation into Swiss banks Credit Suisse and UBS, which bought it earlier this year. They are suspected of violating customer verification standards, which allowed some Russian bank clients to evade sanctions. Writes about this Bloomberg with reference to sources.

According to Bloomberg, Credit Suisse is primarily at the center of the investigation. Previously reportedthat UBS is going to abandon 75% of Credit Suisse’s Russian clients. UBS itself has always taken a more conservative approach to risk assessment and was cautious about working with clients from Russia, while Credit Suisse actively developed such cooperation. At the same time, according to Bloomberg sources, the US Department of Justice is also investigating some alleged violations in the work of UBS itself.

Back in March, American media wrotethat the US Department of Justice is checking some banks, including Credit Suisse and UBS, for helping Russian clients circumvent sanctions. As Bloomberg’s sources note, these checks have now grown into a full-scale investigation. However, according to them, the investigation is at an early stage and may not lead to charges or other consequences for the banks.

UBS and the US Department of Justice declined to comment. UBS shares fell 8% after Bloomberg’s publication, after which trading was temporarily suspended. Trading later resumed, with UBS shares trading 3.4% lower than the day before.

Yana Rozhdestvenskaya