US Probes Russian Accounts Acquired by UBS from Credit Suisse

According to knowledgeable sources on the subject, the U.S. is investigating UBS regarding the Russian clients it inherited when acquiring Credit Suisse. Sources have stated to Reuters that OFAC, the U.S. sanctions enforcement agency, has written to UBS as part of this investigation. A U.S. official, who spoke on the condition of anonymity, mentioned that discussions have taken place between the Swiss bank and the sanctions enforcement agency. Representatives from UBS and OFAC declined to comment. Sources indicated that the review concerns the Russian clients UBS became responsible for after bailing out Credit Suisse. They also noted that UBS is trying to manage possible repercussions from OFAC’s inquiries by cordoning off suspicious funds and disabling accounts to avoid the threat of penalties.