(MENAFN- Swissinfo) Switzerland's finance Ministry has fined UBS bank CHF50,000 ($55,220) after employees allegedly failed to report red flags of money laundering over several years.
This content was published on May 30, 2024 - 15:36 3 minutes Keystone-SDA
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These were
in connection with accounts held by the controversial ex-president of Yemen, Ali Abdullah Saleh.
Reported on Thursday by SRF Investigativ, the finance ministry confirmed the news to the Swiss News Agency Keystone-SDA. The finance ministry said the penalty notice was dated April 4, 2024, and had become legally binding following expiry of the 30-day objection period. However, the notice itself was not available for inspection.
UBS is alleged to have managed millions of dollars for Saleh. According to SRF Investigativ, the penalty concerned a payment of more than $10 million (CHF9 million) to Saleh in 2009 by the Sultan of Oman. The cheque was handed over to UBS in Zurich by Saleh's son.
The transaction triggered internal alerts at UBS, but instead of contacting the Money Laundering Reporting Office Switzerland (MROS), employees only noted in an internal dossier:“It is common knowledge that wealthy rulers in the Arab world support their poorer colleagues with such gifts.”
+ UBS accused of role in embezzling Congolese millions
According to SRF Investigativ, the accounts of the Saleh family were balanced in 2011. Despite further red flags, UBS still failed to notify the authorities. SRF said:“According to the finance ministry, the bank also failed to record why it did not do so in a comprehensible manner.”
The fault of the unidentified individuals at UBS who were responsible for such reporting was considerable, the finance ministry said. It said that, assuming slight negligence, the fine was set at CHF50,000. This is the maximum amount that can be imposed on a legal entity in administrative criminal proceedings by the finance ministry.
The proceedings against UBS began in 2021, and it took two years for prosecutors to obtain the relevant files from the bank, the ministry said.
UBS had no comment when contacted by AWP news agency.
Adapted from German by DeepL/kp
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