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UBS Severs Ties With Some Wealthy Venezuelans Amid Sanctions

Aug. 7, 2020, 1:49 PM

UBS Group AG is severing ties with some Venezuelan clients it serves from the U.S. as the Trump administration tightens sanctions on a country that’s mired in a power struggle.

The decision affects a number of accounts with links to Venezuela’s government or to Petroleos de Venezuela SA, the state-owned oil company, according to people familiar with the decision. It comes after the bank conducted an in-depth review and decided some relationships didn’t warrant the compliance risks, the people said, asking not to be identified in disclosing internal information.

At least 17 U.S.-based advisers with Venezuelan customers have left ...