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WorldPosted at: Aug 28 2015 12:36AM


UBS to pay $1.7 mln settlement over sanctions case - U.S. Treasury

WASHINGTON, Aug 27 (Reuters) The U.S. Treasury on Thursday said it had reached an agreement with UBS for the Swiss bank to pay a
1.7 million settlement for "apparent violations" to U.S. sanctions. The Treasury's Office of Foreign Assets Control (OFAC) said in a statement that UBS processed 222 transactions from 2008 to 2013 involving securities held in the United States for a customer in Zurich, even though the individual was designated by OFAC in 2001 for committing, threatening to commit, or supporting terrorism. Specifically, UBS processed purchases and sales of U.S. securities and other investment activities on behalf of the individual, OFAC said. OFAC did not name the individual in its statement, but said that Switzerland, the United Kingdom, the European Union and the United Nations had also imposed sanctions against the person. "UBS acted with reckless disregard for U.S. sanctions requirements by failing to implement adequate controls to prevent the apparent violations from occurring despite receiving numerous warning signs that its conduct could lead to violations of U.S. sanctions laws," the statement said. A UBS spokesman said OFAC agreed that the bank's conduct in this case "was not egregious." "We are pleased to have resolved this matter," said UBS spokesman Gregg Rosenberg, based in New York. "We discovered and voluntarily brought the relevant transactions to OFAC's attention." REUTERS DS PR0036
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