A United States Senate subcommittee revealed that Swiss bankers associated with UBS were given training on detecting and evading suspicion from law enforcement officials. The training was part of an effort to target wealthy North Americans and assist them in evading taxes.
The bank has announced they are ceasing to provide offshore banking or securities to United States residents. “I am here to make absolutely clear that UBS genuinely regrets any compliance failures that may have occurred,” said Mark Branson, chief financial officer of the UBS Global Wealth Management and Business Banking.
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