Swiss Banks UBS and Credit Suisse Under Investigation for Alleged Russian Sanctions Violations

The US Department of Justice is intensifying its investigation into Credit Suisse and UBS over suspected compliance failures that allowed Russian clients to evade sanctions. The probe, which began with subpoenas earlier this year, has now focused on Credit Suisse, with UBS being briefed on its alleged exposure to sanctions violations since acquiring the smaller rival. The DOJ is also looking into possible compliance failures at UBS.