Union Banks Switzerland (UBS) has imposed a ban on Credit Suisse employees from attracting new clients from high-risk countries, including four CA countries, as a measure to mitigate the risks of money laundering, bribery, and corruption, Financial Times reports.
Following UBS's acquisition of the financially troubled Credit Suisse, strict restrictions have been imposed on Credit Suisse bankers, which include the prohibition of soliciting new clients from high-risk countries.
The list of high-risk countries reportedly includes Afghanistan, Albania, Belarus, Burkina Faso, Congo, El Salvador, Eritrea, Ethiopia, Guinea, Haiti, Iraq, Kosovo, Kyrgyzstan, Libya, Moldova, Myanmar, Nicaragua, Palestine, Russia, Sri Lanka, Sudan, Tajikistan, Turkmenistan, Venezuela, Yemen, Zimbabwe, and Uzbekistan. Both UBS and Credit Suisse have declined to comment on these rules.
Since the merger of the two banks, approximately twenty "red lines" have been established, outlining prohibited activities for Credit Suisse employees. Ukrainian politicians and state-owned enterprises are also said to be blocked to prevent potential money laundering.
Credit Suisse officials will now require approval from UBS executives to extend loans secured by assets such as yachts, ships, and real estate valued at over $60mn.
Additionally, OCCRP, the platform of the international network of independent media centers and journalists, conducted a study on more than 18,000 leaked account numbers from Swiss Credit Suisse bank, identifying problematic clients served by the bank. Among these clients are high-ranking politicians and their relatives, including four individuals from Uzbekistan.
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