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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-11-17T18:52:00
France’s top court struck down a fine of 1.8 billion euros (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
The decision, released Wednesday by the Cour de Cassation, means the guilty finding against UBS delivered by the Paris Court of Appeal in December 2021 will stand. But the French Supreme Court ordered the appeals court to hold a new trial to reconsider whether a fine should be imposed at all and, if so, the size of the penalty.
The original 2021 appeals court decision found UBS guilty of unlawful solicitation and aggravated laundering of the proceeds of tax fraud relating to the bank’s cross-border business activities in France between 2004 and 2012, according to a UBS press release at the time. The court found UBS not guilty of aiding and abetting the laundering of the proceeds of tax fraud, the bank said.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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Membership $599
One-year only, no auto-renewal.
2023-11-10T15:16:00Z By Kyle Brasseur
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
2023-08-14T19:53:00Z By Kyle Brasseur
UBS and several of its U.S. affiliates agreed to pay $1.44 billion as part of a settlement with the Department of Justice regarding the underwriting and issuance of residential mortgage-backed securities in the lead up to the 2008 financial crisis.
2023-07-24T20:36:00Z By Kyle Brasseur
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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