Vontobel cuts lines to customers in Russia
The implementation of the medium-term strategy 2022 to 2024 will be pursued consistently.
Legal
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Privatbank IHAG holding company executive to be sentenced over $60 million fraud
Known as the “Singapore Solution,” members of the conspiracy sent over $60 million on “round trips” across the globe.
Swiss remain calm as Europe rages over retrocessions
Citywire has drawn views from its editorial teams in Switzerland, France, Spain, Italy, and Germany to understand how this subject is perceived within the EU.
Sallie Krawcheck: Regulators Moved Quickly to Stem Banking Panic. But Is ‘Our Lehman’ Still Ahead?
The coming weeks and months will tell us more about how far regulatory practices have come since that period.
Swiss private banking exec pleads guilty to tax fraud conspiracy
Daniel Wälchli pleads guilty in the USA to tax evasion scheme using undeclared bank accounts at Privatbank IHAG.
Credit Suisse still helping wealthy dodge U.S. taxes, U.S. Senate Committee finds
In an emailed statement, Credit Suisse said it did not tolerate tax evasion and that it had been cooperating with U.S. authorities.
French prosecutors raid five banks in massive tax fraud case
Authorities said banks, including Societe Generale, BNP Paribas and HSBC, faced a compensation request of more than $1bn.
FINMA publishes 2022 Annual Report
FINMA’s 2022 Annual Report published today also includes the annual financial statements. In addition, FINMA is providing data on enforcement cases in a database as well as statistics in an Excel document on its website.
HMRC opens 25 new tax fraud investigations into wealthy individuals
The unit only reserves criminal processes only for serious investigations.
UBS offers retention packages to Credit Suisse Asia wealth bankers, say sources
In his address, Khan said the top performers at the Credit Suisse wealth business will get retention packages, the second source said. The details of the retention package were not immediately known.
FINMA provides information about the basis for writing down AT1 capital instruments
Due to numerous enquiries about Credit Suisse’s capital instruments, so-called AT1 bonds, FINMA is providing information about the basis for writing down these instruments.