What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse, said the people, who requested anonymity to speak about an ongoing inquiry. The DOJ has briefed US-based lawyers for UBS about Credit Suisse’s alleged exposure to sanctions violations since UBS acquired its smaller rival in June, the people said. The DOJ is also looking into possible compliance failures at UBS, one of them said.
A spokeswoman for UBS declined to comment. A spokesperson for the Department of Justice declined to comment.Internally, DOJ officials saw the takeover as an opportunity to advance the Credit Suisse investigation, two of the people said. The US points to Switzerland’s refusal to join a multilateral task force chasing illicit Russian holdings and the earlier decision to unfreeze some assets in a high-profile corruption case with links to the Kremlin.
In March, the Senate Finance Committee said it had uncovered “major violations” of that deal by Credit Suisse. UBS said it’s actively cooperating with investigators.
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