ZURICH (dpa-AFX) – Credit Suisse and UBS apparently belong to a group of banks that the US Department of Justice is investigating for possible circumvention of sanctions against Russia. As the Bloomberg news agency reported on Thursday evening, employees are said to have helped Russian oligarchs circumvent sanctions. The agency relies on people familiar with the matter.
UBS and CS are among numerous financial institutions that have received a subpoena from the US authorities. The subpoena was sent before the Credit Suisse crisis, Bloomberg continues. Among those summoned are employees of some large US banks.
The Justice Department’s investigation is trying to find out which bank employees have dealt with sanctioned customers and how these customers have been screened in the past. These bank employees and consultants could then be the subject of further investigations to determine possible violations of the law, it said.
Neither Credit Suisse nor UBS could be reached for comment./cg/AWP/jha