RT.com
25 Mar 2023, 16:13 GMT+10
Credit Suisse and UBS could face serious penalties for violating Washington's sanctions
Swiss banking giants Credit Suisse and UBS are on a list of banks under scrutiny by the US Department of Justice (DOJ) for allegedly helping Russian businessmen to evade sanctions, Bloomberg reported on Thursday, citing people familiar with the matter.
The Swiss banks, along with a number of American banking majors, were reportedly subpoenaed by the DOJ. The agency's sources added that the requests had been sent before Credit Suisse was hit by the crisis that resulted in its takeover by rival UBS.
The probe is aimed at identifying which bankers and advisers dealt with sanctioned clients and how those clients were vetted over the past several years, the sources told the media, adding that bank employees may subsequently be subject to further inquiries to determine whether they broke any laws.
The lenders could face serious penalties for violating US sanctions. In 2014, French international banking group BNP Paribas was forced to pay around $9 billion after pleading guilty to Washington's charges of allowing transactions involving sanctioned entities in Sudan, Iran and Cuba. Standard Chartered Bank in 2019 agreed to shell out over $1 billion to settle a DOJ investigation over the violation of anti-Iranian sanctions.
Last month, Credit Suisse, once Switzerland's second-largest bank, said it had blocked over $19 billion in Russian assets as part of sanctions imposed on Moscow.
Last year, the DOJ launched its KleptoCapture task force to enforce sanctions on Russians who, according to the White House, were close allies of President Vladimir Putin. The US authorities have since seized a number of yachts, private planes and properties from Russian businessmen.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationTOKYO, Japan: To counter the declining national birthrate, Japan's Prime Minister Fumio Kishida pledged to double spending over the next ...
WASHINGTON D.C.: Reuters has reported that on 7th June, former Vice President Mike Pence will enter the race for the ...
PYONGYANG, North Korea: North Korea attempt failed to launch a satellite on May 31, which prompted raid sirens and a ...
HONG KONG, China: Describing the lack of women in China's top leadership as concerning, the United Nations has recommended the ...
BEIJING, China: Amid its rivalry with the US for reaching new milestones in space, reflecting their competition for global influence, ...
WASHINGTON D.C.: A Transportation Security Administration (TSA) report released this week revealed that over the Memorial Day weekend, the start ...
WASHINGTON D.C.: The Pentagon said this week that the satellite communications service started by billionaire Elon Musk, SpaceX's Starlink, has ...
CHARLESTON, South Carolina: During a media tour this week at Boeing's facilities in Charleston, South Carolina, company CEO Dave Calhoun ...
MENLO PARK, California: Facebook parent company Meta Platforms has said it would remove news content in California if the state ...
BRUSSELS, Belgium: EU tech chief Margrethe Vestager has said that a draft code of conduct on artificial intelligence (AI) could ...
MOSCOW, Russia: After a turbulent 15 months of store closures and declining demand, Russian designers and brands are assisting the ...
WASHINGTON D.C.: The Federal Communications Commission (FCC) has said that more than 8.3 million US homes and businesses do not ...