CreditSuisse among banks probed by the U.S. for Russia sanctions evasion, sources say.
Switzerland’s troubled Credit Suisse and its rescuer, USB, are subject to an investigation into whether bankers helped Russian oligarchs evade Western sanctions, according to a media report. Some major U.S. banking institutions are also under scrutiny within the probe initiated by the Justice Department, sources say.Switzerland-based global investment banks and financial services firms, Credit Suisse and UBS, are under scrutiny by the U.S.
According to the report, the department has been trying to establish if financial professionals working for these and other banks have supported sanctioned wealthy Russians in attempts to circumvent restrictions imposed by Western governments. U.S. authorities have sent out a number of subpoenas to employees of the two Swiss giants as well as some major U.S. banks, two people familiar with the inquiries told the publication. They want to identify the bankers and advisers who worked with such clients over the past several years and find out whether any laws were broken.
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