The US Department of Justice (DOJ) has intensified its investigation into Credit Suisse Group and UBS Group AG over potential compliance failures that enabled Russian clients to evade sanctions.
The investigation, which began with subpoenas to several banks earlier this year, now focuses primarily on Credit Suisse.
The DOJ's inquiry is still in its early stages and may not result in charges or settlements. The probe examines how these banks managed accounts belonging to sanctioned clients over recent years, covering both post-Russia-Ukraine invasion sanctions and previous sanctions, including those from the 2014 annexation of Crimea. Over the past decade, more than a thousand wealthy Russians have been blacklisted by the US.
The DOJ's interest in Swiss banks' alleged role in facilitating the outflow of illicit funds from Russia is part of a growing trend in Washington. Senator Ben Cardin has raised concerns about Switzerland's banking practices, emphasizing the need to prevent sanctions evasion with a particular focus on Switzerland.
