Credit Suisse AG and the UBS AG group are in the crosshairs of a US Department of Justice (DOJ) investigation into whether financial professionals helped Russian oligarchs evade sanctions, which also includes other financial entities, Bloomberg News reported on Thursday.
The DOJ has also issued subpoenas to employees of some major US banks, according to the Bloomberg report, adding that Swiss banks were included in a wave of subpoenas sent out before the acquisition of Credit Suisse by UBS.
Justice Department investigations aim to determine which bank employees dealt with sanctioned clients and how those clients have been vetted in recent yearsBloomberg noted.
The bankers could be further investigated to determine if they broke any laws, the note added.
Credit Suisse and UBS They declined to comment, and the DOJ did not immediately respond to email requests from Reuters.
The Justice Department has been trying to pressure Russian oligarchs through sanctions, asset forfeitures, and criminal investigations to stop endorsing the Russian president. Vladimir Putin after the invasion of the country of Ukraine.
Source: Ambito
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