Chinese Dirty Money Probe Extends To UBS As Credit Suisse Goes Under The Spotlight Of Singapore Regulators
Portfolio Pulse from Daniel Harrison
Credit Suisse AG is under investigation by Singapore authorities for money laundering, following its acquisition by UBS Group AG. The probe has so far seized around $2 billion in assets and raises questions about the bank's potential status as a safe-haven for dirty money. This comes at a time when UBS and Credit Suisse are also under investigation by the Department of Justice over evasion of Russian sanctions. The news poses a risk to the bank's global relationships and comes after the loss of six high-ranking executives from Credit Suisse.
October 18, 2023 | 6:51 pm
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UBS Group AG, which recently acquired Credit Suisse, is facing potential reputational damage due to the money laundering investigation. The probe could also impact the bank's global relationships and its ongoing integration process.
The ongoing money laundering investigation into Credit Suisse, which was recently acquired by UBS, could negatively impact UBS's reputation. This could potentially affect the bank's global relationships and the ongoing process of integrating the two banks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
VinFast Auto Limited, a subsidiary of one of Credit Suisse's largest customers in the Asia Pacific region, could potentially be affected by the ongoing investigation into Credit Suisse.
As a subsidiary of one of Credit Suisse's largest customers in the Asia Pacific region, VinFast Auto Limited could potentially be affected by the ongoing investigation into Credit Suisse. This could impact the company's financial relationships and operations.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50