The largest bank in Switzerland began a total check of Russian clients
For those who do not provide the requested documents, the bank threatens to block their accounts.
Switzerland’s largest bank, UBS, has begun mass checks on its clients of Russian origin, demanding from them documents confirming the legality of their stay in the country. This is reported by RIA Novosti, which was in possession of one of the letters that the bank sends to customers.
UBS requires customers to provide copies of their country of residence passport or Swiss residence permit by May 5, 2023.
“We reserve the right to block the aforementioned banking relationships from May 6, 2023 if the requested documents do not reach us by May 5,” the letter says.
As follows from the text of the letter, the bank intends to get rid of all customers who were under sanctions imposed by the government of the country simultaneously with the EU countries.
The banking sector of Switzerland against the backdrop of the war in Ukraine
Last night, Switzerland’s largest bank UBS secured a deal to take over its key competitor, Credit Suisse, the country’s second-largest bank. The reason was the threat of bankruptcy of Credit Suisse, in which numerous violations were found. Credit Suisse was also very popular among Russians.
After the start of a full-scale war in Ukraine, Swiss banks froze billions of dollars of Russian assets. However, Switzerland categorically refuses to take the next step and confiscate this money.
However, the Swiss authorities still made certain conclusions. Now in the country there are lawsuits against bankers who were engaged in financial fraud with Russian money.