Reported by Finews

The Federal Department of Finance (EFD) fined UBS for failing to report suspected money laundering. The long-standing cases all revolve around the former president of Yemen.

The number of unreported cases to the Financial Department is alarmingly high. Internally, UBS recorded 5,438 warning notices in connection with its relationships with former Yemeni President Ali Abdullah Saleh and his family. However, the bank did not forward these warnings to the Money Laundering Reporting Office Switzerland (MROS).

According to «SRF Investigativ,» the EFD imposed a fine of 50,000 Swiss francs on the large bank, as stated in a penalty notice.

Accounts of Saleh and the Extended Family

Saleh ruled Yemen for over three decades and faced international criticism for corruption. At UBS, he was classified as a PEP, or «politically exposed person.» As a rule, relationships with such clients should be clarified extra carefully.

The relationship dates back to 2004. Not only Saleh and his two wives but also a total of 25 people related to Saleh had customer relationships with UBS.

Read full report: https://www.finews.com/news/english-news/62808-ubs-money-laundering-edf-mros-yemen-ali-abdullah-saleh