UBS Unit Fined $13 Mln, Reprimanded by French Regulator
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UBS AG’s French unit was fined 10 million euros ($13.1 million) by the nation’s banking regulator and reprimanded for a lack of controls that may have enabled some clients in France to dodge taxes.
The unit of Switzerland’s largest bank was alerted to “grave suspicions” by the fall of 2007 on its sales force’s possible involvement in illicit marketing and the covering up of tax fraud, and waited more than 18 months before setting up the necessary controls, the regulator said in a statement today.