Banking Law News

UBS, Credit Suisse Share Latam Unit Details With Regulator (1)

June 24, 2020, 3:29 PM

The Swiss financial regulator probing Julius Baer Group Ltd over its failure to prevent money laundering is seeking information from its biggest rivals on how they run their Latin America operations.

Finma has requested in recent weeks that UBS Group AG and Credit Suisse Group AG describe how they do business in the region, according to people with knowledge of the matter. The two larger banks aren’t being investigated, they said.

Baer said earlier this month it is facing a second Swiss probe into its Latin America operations just months after it was banned from major expansion because of its...

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