11matters on the record across its booking centres, 2014 to 2026
2.4/585 UHNW client ratings across its booking centres
The editor's opinion
Why UBS rates 2.0 out of 5
UBS rates 2.0 out of 5. Its seven rated booking centres, in Switzerland, the United Kingdom, Hong Kong, Singapore, the United Arab Emirates, Luxembourg and Monaco, all hold two stars, so weighting them by the UHNW client ratings each has received leaves the overall rating at the same level. Its booking entities carry 11 matters on the record, the most recent in 2026; each is listed below with the centre it concerns. Across its booking centres, 85 UHNW client ratings average 2.4 out of 5.
Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026, Q4 2026 edition. Each booking centre is rated on its own file, from the public record and what clients and their advisers tell us in confidence. The overall rating brings those ratings together; retail products, branches and apps play no part.
Where UBS stands out
No final adverse finding against this licence holder in ten years of regulatory and court records. Switzerland and Luxembourg
Custody assets are protected by statute in the booking centre, with conditions a family should read. Switzerland, United Kingdom, Hong Kong and Luxembourg
Deposits are covered by a statutory protection scheme. Switzerland and Monaco
A broad range of private banking services is published for this booking unit. Switzerland, United Kingdom, Hong Kong and Monaco
A dedicated desk serves external asset managers and family offices. Switzerland, United Kingdom and Singapore
Ownership and control are fully public. United Kingdom, Hong Kong, Singapore, United Arab Emirates, Luxembourg and Monaco
No politically exposed person holds a significant stake. United Kingdom, Hong Kong, Singapore, United Arab Emirates, Luxembourg and Monaco
A full range of private banking services is published for this booking unit. Singapore
Deposits are covered by a protection scheme, with limits. Luxembourg
Most fees are published. Monaco
What to weigh
One matter is still open with the authorities and not decided. It carries no weight in the rating until it is decided. Switzerland and Monaco
The custody terms are public but silent on re-use of assets and on sub-custodians. Switzerland, Luxembourg and Monaco
Serious adverse findings against this licence holder in the last ten years. United Kingdom, Hong Kong, Singapore and United Arab Emirates
The same kind of failure has recurred. United Kingdom, Hong Kong, Singapore and United Arab Emirates
The last adverse finding is recent. United Kingdom, Hong Kong, Singapore and United Arab Emirates
United Kingdom, Hong Kong, Singapore and United Arab Emirates
Only a summary of the custody terms is public. United Kingdom, Hong Kong and United Arab Emirates
Whether deposits at this unit fall under a protection scheme is not yet documented. United Kingdom and Hong Kong
Deposit protection is minimal. Singapore
Legal protection of custody assets in this centre is still to be documented here. Singapore, United Arab Emirates and Monaco
Only part of the private banking range is published for this booking unit. Luxembourg
No fee schedule is published; pricing is given on request. Luxembourg
The policy on third-party payments is only partly stated. Luxembourg
No published information on a desk for external asset managers. Luxembourg
A significant regulatory finding stands on the record in the last ten years. Monaco
The last adverse finding is very recent. Monaco
No public account of how the issues behind past findings were remediated. Monaco
Switzerland · UBS Switzerland AG14 client ratings · 17% of the weight
United Kingdom · UBS AG (London Branch)18 client ratings · 21% of the weight
Hong Kong · UBS AG (Hong Kong Branch)11 client ratings · 13% of the weight
Singapore · UBS AG, Singapore Branch14 client ratings · 16% of the weight
United Arab Emirates · UBS AG Dubai Branch13 client ratings · 15% of the weight
Luxembourg · UBS Europe SE, Luxembourg Branch4 client ratings · 5% of the weight
Monaco · UBS (Monaco) S.A.11 client ratings · 13% of the weight
PPLI.com rating, weighted across the centres2.0
Each booking centre keeps its own rating, set on its own file. The overall rating is the average of those ratings, weighted by the number of UHNW client ratings each centre has received. A centre whose rating is still in preparation is shown but not counted.
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the bank, not a credit rating, not a forecast of failure and not investment advice.
The booking centres
UBS in 7 booking centres
Each booking centre is a separate legal entity, with its own licence, deposit protection, services and fees, and keeps its own PPLI.com rating. Everything on file for them is brought together on this page; open a centre for its own file.
What regulators, prosecutors and courts have decided against the booking entities of UBS, gathered from the files of all its booking centres, with the status, the amounts as published and a link to the original document. Each entry names the centre it concerns. Claims and investigations still under way are marked as open.
202628 April 2026
AMSF sanction decision no. 2025/3827 for AML/CFT deficiencies (risk assessment, internal organisation and control, identification of beneficial owners, source of wealth and funds)
Following an on-site inspection from 18 March to 21 June 2024, the AMSF sanction panel (decision of 28 April 2026, hearing 13 April 2026) found established the grievances that UBS (Monaco) S.A. had no overall AML risk assessment between 2018 and July 2023, had inadequate internal organisation and control (except the branch on cumulation of functions), had incomplete identification of structures, managers and beneficial owners, and had insufficient knowledge of clients' socio-economic background and corroboration of the origin of wealth and funds; the grievance on autonomous exercise of the AML officer function was not established. Press reports (Bloomberg via swissinfo, 7 May 2026) give the fine as EUR 6 million. UBS said it was reviewing the decision and did not comment on specifics.
l'établissement ne disposait pas, entre 2018 et juillet 2023, d'une évaluation globale des risques
Booking centre: Monaco · UBS (Monaco) S.A.Autorité Monégasque de Sécurité Financière (AMSF), formation de sanctionDecision, open to appealPenalty EUR 6 millionNot yet finalPrimary source
202517 July 2025
Claims by Swiss private clients over losses on US dollar derivative products sold by advisers
Reported by finews.ch on 17 July 2025, citing NZZ and the Financial Times: a few hundred mainly older Swiss private clients lost money on US dollar derivatives sold by UBS advisers, and UBS made goodwill payments to some while talks with others continued. Criminal complaints against unknown persons under the Unfair Competition Act are at preliminary review with the Zurich public prosecutor and three law firms are preparing civil claims, but the report names only UBS and not UBS Switzerland AG.
Booking centre: Switzerland · UBS Switzerland AGZurich public prosecutor (criminal complaints at preliminary review) and civil claims in preparationAllegation or claimOpen matter, not decidedPrimary source
20254 July 2025
Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case
MAS imposed a S$3 million composition penalty on UBS AG, Singapore Branch, one of nine FIs penalised after examinations from early 2023 to early 2025. MAS named the branch among FIs that failed to follow up on source of wealth discrepancies and to adequately review transactions flagged by their own systems.
Conviction for unlawful client solicitation and aggravated laundering of tax fraud proceeds in France
The French Supreme Court (Cour de cassation, criminal chamber) on 15 November 2023 upheld the conviction of a Swiss bank for illegal banking solicitation and aggravated laundering of the proceeds of tax fraud between 2004 and 2012, and sent only the penalties and damages back to the Paris Court of Appeal. The decision does not name the bank; the facts match UBS AG. In September 2025 the bank paid the French State EUR 835 million, a EUR 730 million fine and EUR 105 million in civil damages, to close the matter.
Pecuniary penalty of HK$9,000,000 for AMLO contraventions (missed periodic customer reviews; incomplete CDD after suspicious transactions)
The Monetary Authority found that UBS AG, Hong Kong Branch missed periodic reviews for 5,726 customers because of a system error (April 2012 to November 2014) and did not complete due diligence on some pre-existing customers after suspicious transactions (April 2012 to October 2015). It ordered a pecuniary penalty of HK$9,000,000. The same announcement covered three other banks with a combined HK$44.2 million; the HK$9 million is UBS's share only.
to order it to pay a pecuniary penalty of HK$9,000,000
The MA considered the bank's remedial and enhancement measures.
Reprimand and HK$400 million fine for overcharging about 5,000 client accounts over ten years and related internal control failures
The SFC found that staff in UBS's Wealth Management division increased bond and structured note spreads after execution without client knowledge (2008 to 2015), charged fees above disclosed rates (2008 to 2017), failed to disclose conflicts and reported the misconduct two years late; about 5,000 Hong Kong-managed accounts and 28,700 transactions were affected. UBS AG was reprimanded and fined HK$400 million and agreed to repay about HK$200 million with interest. The SFC also cited 15 incidents on the new One Wealth Management Platform.
The Securities and Futures Commission (SFC) has reprimanded and fined UBS AG (UBS) HK$400 million for overcharging
Repayment of overcharged amounts plus interest (about HK$200 million), independent reviewers appointed, more than 20 staff disciplined, clients to be written to within one month.
HK$375 million fine and one-year partial licence suspension for IPO sponsor failures (China Forestry, Tianhe Chemicals and one other listing)
The SFC reprimanded and fined UBS AG and UBS Securities Hong Kong Limited HK$375 million for failing to discharge their duties as joint sponsor on three listing applications, including not verifying China Forestry's assets and letting Tianhe control due diligence interviews. UBS Securities Hong Kong's licence to advise on corporate finance was partially suspended for one year and a sponsor principal was suspended for two years. UBS agreed to an independent review of its sponsor practices.
partially suspended UBS Securities Hong Kong's licence to advise on corporate finance for one year
Independent reviewer engaged to assess sponsor policies, procedures and practices.
Written reprimand over inadequate checks on a key 1MDB business relationship in Singapore
Reported by finews.ch on 5 April 2017. FINMA closed its 1MDB proceedings against UBS AG with a written reprimand, finding no systematic or serious violations but stating that the background of a key business relationship and its transactions in Singapore had not been examined adequately.
Financial penalties for 13 breaches of MAS Notice 626 (AML) in 1MDB-related review
In its 1MDB-related review MAS imposed financial penalties of S$1.3 million on UBS AG, Singapore Branch for 13 breaches of MAS Notice 626. MAS admonished the bank, directed management to remediate and discipline staff, and required an independent party to verify rectification.
S$1.3 million on UBS for 13 breaches of MAS Notice 626
Independent party to verify rectification and report to MAS; disciplinary action against staff.
Final notice: failings in G10 spot FX trading controls (five-bank settlement)
The FCA fined UBS AG GBP 233,814,000 (USD 371 million) for FX control failings between 1 January 2008 and 15 October 2013; the FCA noted UBS's relevant desk was based only in Zurich. Investment bank conduct of the legal entity UBS AG, of which the London Branch is part.
and UBS AG £233,814,000 ($371 million) ('the Banks').
Matters concerning other entities in the group (17)
20263 August 2026
Settlement with admission over wilful anti-money laundering failures at a US broker-dealer
According to Bloomberg on 3 August 2026, UBS Financial Services Inc., the US sister company of the bank, agreed to pay USD 125 million to FinCEN, the SEC, FINRA and the CFTC and admitted wilful failures in its anti-money laundering programme, including not monitoring more than 50,000 foreign currency wires totalling over USD 10 billion. FINRA cited failures between January 2019 and June 2023, and FinCEN lists an action against the firm dated 3 August 2026.
Shown for context only: the decision concerns UBS Financial Services Inc, not UBS AG (London Branch), and does not count towards the rating of the booking centre or of the group.
From the file of: United Kingdom · UBS AG (London Branch)US Financial Crimes Enforcement Network (FinCEN), with SEC, FINRA and CFTC (reported by Bloomberg via swissinfo.ch)Final decisionPenalty USD 125 millionPrimary source
20267 May 2026
Fine for anti-money laundering failings, including a suspicious transaction report filed 253 days late
SWI swissinfo.ch reported on 7 May 2026, citing Bloomberg, that the enforcement committee of the Monaco financial security authority (AMSF) fined UBS Monaco, a sister company of UBS AG, EUR 6 million for anti-money laundering failings, including too few staff to handle alerts and weak verification of the origin of wealth. The article does not say the decision is final, and UBS said it was reviewing it.
Shown for context only: the decision concerns UBS Monaco, not UBS AG, Singapore Branch, and does not count towards the rating of the booking centre or of the group.
Civil money penalty for wilful anti-money laundering and suspicious activity reporting failures
FinCEN imposed a USD 125 million civil money penalty on UBS Financial Services Inc., the US broker-dealer and a sister company of the bank, for wilful failures in its anti-money laundering programme and suspicious activity reporting between 1 January 2019 and 30 June 2023, including more than 61,500 unmonitored foreign currency wires worth over USD 10.5 billion and weak due diligence on high-risk customers with ties to Russia and Latin America. FinCEN called the firm a recidivist after its 2018 order and credited USD 48 million paid to the CFTC, SEC and FINRA.
Shown for context only: the decision concerns UBS Financial Services Inc, not UBS AG Dubai Branch, and does not count towards the rating of the booking centre or of the group.
French cross-border case: unlawful client solicitation and aggravated laundering of tax fraud proceeds; guilt confirmed 2023, penalty resolved 2025
According to UBS's own release, the French Supreme Court definitively confirmed the Paris Court of Appeal's finding that UBS was guilty of unlawful client solicitation and aggravated money laundering and referred the financial penalty and civil damages back for reassessment. On 23 September 2025 UBS said it had agreed to pay a EUR 730 million fine and EUR 105 million in civil damages. this is a UBS AG matter, not a UBS Switzerland AG finding.
defendant (parent UBS AG)
UBS agreed to pay a fine of EUR730 million and EUR105 million in civil damages to the French State.
Guilty plea by Credit Suisse Services AG to conspiracy to hide more than USD 4 billion from the IRS; non-prosecution agreement; admission that Credit Suisse AG breached its 2014 plea agreement
Credit Suisse Services AG pleaded guilty and was sentenced for conspiring to hide more than USD 4 billion in at least 475 offshore accounts from the IRS and agreed to pay USD 510.6 million. The release states that Credit Suisse AG breached its May 2014 plea agreement and that Credit Suisse Services AG, and by extension UBS AG, must cooperate with ongoing investigations. UBS Switzerland AG is not named.
Credit Suisse Services AG will pay a total of $510,608,909 in penalties, restitution, forfeiture, and fines.
Release says UBS froze certain accounts and voluntarily disclosed information about them to the US Department of Justice.
From the file of: Switzerland · UBS Switzerland AGUS Department of Justice (Tax Division and US Attorney EDVA)Resolution with admissionTotal payment (penalties, restitution, forfeiture and fines) USD 510.6 millionAdmission of the factsPrimary source
20255 May 2025
Guilty plea for conspiracy to aid false US tax returns, with a non-prosecution agreement for Singapore
UBS announced on 5 May 2025 that Credit Suisse Services AG, a UBS Group company acquired with Credit Suisse and a sister company of the bank, pleaded guilty to one count of conspiracy to aid and assist in preparing false US income tax returns and would pay USD 371.9 million under the plea and USD 138.7 million under a non-prosecution agreement covering the legacy Credit Suisse booking centre in Singapore. OCCRP reported that the plea covered at least 475 accounts from 2010 to 2021, and UBS stated that the conduct predated its acquisition of Credit Suisse.
Shown for context only: the decision concerns Credit Suisse Services AG, not UBS AG Dubai Branch, and does not count towards the rating of the booking centre or of the group.
Civil penalty after relationship managers gave clients inaccurate post-trade disclosures on bond trades
On 28 December 2023 the Monetary Authority of Singapore imposed a SGD 3.9 million civil penalty on Credit Suisse AG, which merged into UBS AG in 2024, after its relationship managers gave clients inaccurate or incomplete post-trade disclosures on 39 OTC bond transactions, so that clients paid spreads above agreed rates. Credit Suisse admitted liability, compensated the affected clients and strengthened its post-trade monitoring.
Shown for context only: the decision concerns Credit Suisse AG, not UBS AG, Singapore Branch, and does not count towards the rating of the booking centre or of the group.
Archegos: FINMA concludes proceedings against Credit Suisse
FINMA found that Credit Suisse seriously and systematically violated financial market law in its Archegos relationship and ordered corrective measures from UBS, including group-wide position limits and risk-based bonus criteria; one proceeding against a former manager was opened. The Fed and PRA fines are separate authorities' actions against Credit Suisse entities not named on the FINMA page and are not summed here.
respondent (predecessor group)
They imposed fines of USD 268.5 million and GBP 87 million respectively.
Group-wide client position restrictions; risk-adjusted compensation criteria.
From the file of: Switzerland · UBS Switzerland AGFINMA (parallel US Federal Reserve and UK PRA actions)Final decisionFine imposed by us federal reserve (as reported by finma) USD 268.5 million; Fine imposed by uk pra (as reported by finma) GBP 87 millionPrimary source
202324 July 2023
Fine for risk management and governance failures over exposures to Archegos
The Prudential Regulation Authority fined Credit Suisse International and Credit Suisse Securities (Europe) Ltd, sister companies of the bank within UBS Group since 2023, GBP 87,082,000 for serious risk management and governance failures between 1 January 2020 and 31 March 2021 tied to exposures to Archegos Capital Management. The fine, which the PRA called a record, reflects a 30 per cent settlement discount from GBP 124.4 million.
Shown for context only: the decision concerns Credit Suisse International and Credit Suisse Securities (Europe) Ltd, not UBS AG (London Branch), and does not count towards the rating of the booking centre or of the group.
Fine for unsafe counterparty credit risk management at Credit Suisse in the Archegos default
On 24 July 2023 the US Federal Reserve fined UBS Group AG, the parent of UBS AG, USD 268.5 million in a consent order for Credit Suisse's counterparty credit risk management, after Credit Suisse lost about USD 5.5 billion on the 2021 Archegos default. The Fed terminated the order on 12 May 2026.
Shown for context only: the decision concerns UBS Group AG, not UBS AG, Singapore Branch, and does not count towards the rating of the booking centre or of the group.
FINMA concludes Greensill proceedings: serious breach of Swiss supervisory law
FINMA found that Credit Suisse failed over several years to identify, limit and monitor risks in its Greensill relationship, had serious organisational deficiencies and did not meet its duties as an asset manager. It ordered periodic board-level review of about 500 key relationships, a responsibility map for about 600 senior managers, and an audit mandatary; four proceedings against former managers were opened.
respondent (predecessor group)
FINMA thus concludes that there has been a serious breach of Swiss supervisory law.
Penalty for failing to preserve off-channel electronic communications
On 27 September 2022 the US Securities and Exchange Commission announced that UBS Securities LLC and UBS Financial Services Inc., US sister companies of UBS AG, admitted failing to preserve off-channel electronic communications from January 2018 to September 2021. They agreed to a USD 125 million penalty, part of more than USD 1.1 billion in penalties across 16 firms.
Shown for context only: the decision concerns UBS Securities LLC and UBS Financial Services Inc, not UBS AG (Hong Kong Branch), and does not count towards the rating of the booking centre or of the group.
Mozambique loans: DPA for Credit Suisse Group AG and guilty plea by CSSEL to conspiracy to commit wire fraud
Credit Suisse Group AG entered a three-year DPA and its UK subsidiary CSSEL pleaded guilty to conspiracy to commit wire fraud over the Mozambique loans; total penalties, fines and disgorgement across US and UK authorities exceeded USD 547 million (amounts overlap through crediting and must not be summed with the FCA or SEC figures). FINMA concluded a parallel enforcement proceeding against Credit Suisse the same day. Neither UBS Switzerland AG nor Credit Suisse (Schweiz) AG was a party.
defendant (group parent Credit Suisse Group AG; UK subsidiary Credit Suisse Securities (Europe) Limited)
Switzerland's Financial Market Supervisory Authority (FINMA) also engaged in an enforcement action.
From the file of: Switzerland · UBS Switzerland AGUS Department of Justice, with parallel SEC, UK FCA and FINMA actionsResolution with admissionTotal assessed across authorities (penalties, fines, disgorgement) USD 547 million; Doj criminal penalty before crediting USD 247.5 million; Paid to us after crediting other authorities USD 175.5 millionAdmission of the factsPrimary source
202119 October 2021
Final notice: financial crime and anti-bribery and corruption failings (PRIN 2 and PRIN 3)
The FCA fined three Credit Suisse entities, including Credit Suisse AG, GBP 147,190,200 jointly for PRIN 2 and PRIN 3 breaches over financial crime and anti-bribery and corruption failings in investment banking. Credit Suisse AG has since been absorbed by UBS AG, so the matter is recorded as a predecessor matter; it did not involve UBS AG at the time.
respondent (predecessor entity, jointly with Credit Suisse International and Credit Suisse Securities (Europe) Ltd)
Credit Suisse International, Credit Suisse Securities (Europe) Ltd, and Credit Suisse AG | 19/10/2021 | £147,190,200
FINMA finds deficiencies in anti-money laundering processes at Credit Suisse (FIFA, Petrobras, PDVSA related)
FINMA concluded proceedings finding deficiencies in Credit Suisse AG's adherence to AML due diligence obligations, ordered further measures including a single client view by end 2019, and appointed an independent third party to monitor implementation. The page does not state whether the decision was appealed; status is inferred as concluded.
respondent (predecessor group entity)
FINMA identified deficiencies in the bank's adherence to anti-money laundering due diligence obligations
Single client view for all relationships by end 2019; independent monitor.
Financial penalty for anti-money laundering breaches in 1MDB-related transactions
On 30 May 2017 the Monetary Authority of Singapore fined Credit Suisse SGD 0.7 million for breaches of MAS Notice 626 in 1MDB-related transactions, including weak customer due diligence and insufficient transaction monitoring, and required it to appoint an independent party to confirm remediation. Credit Suisse AG, whose Singapore branch was fined, merged into UBS AG in 2024.
Shown for context only: the decision concerns Credit Suisse AG, not UBS AG, Singapore Branch, and does not count towards the rating of the booking centre or of the group.
Guilty plea, conspiracy to aid and assist US taxpayers in filing false returns
Credit Suisse AG pleaded guilty in the Eastern District of Virginia to conspiring to help US taxpayers file false returns and agreed to pay USD 2.6 billion in total across the US Department of Justice, the Federal Reserve and NYDFS. Credit Suisse AG merged into UBS AG on 31 May 2024. It is not a finding against UBS Switzerland AG; the US Department of Justice said in 2025 that Credit Suisse AG had breached this plea agreement.
defendant (predecessor group entity Credit Suisse AG)
Credit Suisse will pay a total of $2.6 billion.
From the file of: Switzerland · UBS Switzerland AGUS Department of Justice (Tax Division), with Federal Reserve and NYDFSFinal decisionTotal payment USD 2.60 billion; Of which doj USD 1.80 billion; Of which federal reserve USD 100 million; Of which nydfs USD 715 millionAdmission of the factsPrimary source
Clients and standing
Client experience and financial standing
What clients meet at UBS across its booking centres, read from complaint registers, ombudsman decisions and court records, independent reporting and what clients and their advisers tell PPLI.com in confidence. Announcements by the bank, awards and marketing material are left out.
UHNW client ratings
2.4 out of 5, based on 85 client ratings across its booking centres.
Switzerland2.7 out of 514 ratings
United Kingdom1.7 out of 518 ratings
Hong Kong1.7 out of 511 ratings
Singapore1.7 out of 514 ratings
United Arab Emirates3.1 out of 513 ratings
Luxembourg2.7 out of 54 ratings
Monaco3.9 out of 511 ratings
What clients report
Switzerland. The Swiss Banking Ombudsman publishes statistics only and gives no figures by bank, so no complaints register shows numbers for UBS Switzerland AG. The one client dispute that has been reported concerns US dollar derivative products, reported by finews.ch on 17 July 2025: a few hundred mainly older Swiss private clients lost money on products they say were not properly explained. UBS made goodwill payments to some of them and was still negotiating with others, criminal complaints against unknown persons are at preliminary review in Zurich and three law firms are preparing civil claims. None of these claims had reached a court decision by the date of that report.
United Kingdom. The Financial Ombudsman Service publishes no complaints count for UBS AG (London Branch), and no claim by a private client against the bank has reached a published judgment. The court record that touches clients is the High Court's sanction on 9 April 2025 of the transfer of substantially all of the banking and wealth management business of Credit Suisse (UK) Ltd to the bank ([2025] EWHC 1402 (Ch)). Mr Justice Marcus Smith found no material adverse effect on the clients concerned, a group in the low thousands, and the PRA and FCA raised no issues. The transfer ran in phases on 20 June, 11 July and 26 September 2025.
Hong Kong. The adverse items of recent years attach to other parts of the same legal entity, including its Singapore branch, or to US sister companies.
Singapore. The one claim by a private client to reach a published judgment is Glassberg v UBS AG, Singapore Branch, in which the Appellate Division of the High Court of Singapore on 22 August 2025 dismissed the client's appeal over a relationship manager's recommendation of a fund in which he had invested USD 2.5 million. The court held that the recommendation fell outside the paid advisory service, that the General Terms excluded a duty of care and that the exclusion clauses were reasonable for a sophisticated client, while recording that the bank did no due diligence on the fund. The client was ordered to pay SGD 65,000 in indemnity costs. In December 2023 the Monetary Authority of Singapore found that relationship managers of the predecessor Credit Suisse AG had given clients inaccurate or incomplete post-trade disclosures on 39 bond trades, and those clients were compensated.
United Arab Emirates. The adverse matters that concern UBS AG itself relate to its business in other centres, and the larger recent penalties fell on sister companies, a legacy Credit Suisse service company and the US broker-dealer UBS Financial Services Inc. Press coverage reports no data breach or client-money incident at the branch.
Luxembourg. The CSSF runs an out-of-court complaint procedure but publishes no decisions naming firms, so no complaints figures exist for UBS Europe SE, Luxembourg Branch, and the branch has no Luxembourg Trustpilot profile. Credit Suisse (Luxembourg) S.A. was merged into UBS Europe SE and integrated into the branch in October 2024.
Monaco. The record that bears on clients is regulatory: the AMSF decision of 28 April 2026 upheld grievances on the identification of structures and beneficial owners and on the corroboration of source of wealth and funds. According to Bloomberg, a 2024 inspection found too few staff to handle alerts, a suspicious transaction report filed 253 days late and a client onboarded on old untranslated Russian documents.
Worth raising with the bank
Switzerland. Ask whether UBS Switzerland AG was the contracting entity for the US dollar derivative products at the centre of the 2025 client complaints, and on what basis the bank decided which clients received goodwill payments.
United Kingdom. Ask whether your relationship moved from Credit Suisse (UK) Ltd under the scheme sanctioned on 9 April 2025, and what changed in your terms, fees or booking centre as a result.
Hong Kong. Ask what the bank changed after the SFC fine of November 2019 for overcharging about 5,000 client accounts over ten years, and how a client can check the charges applied to their own account.
Singapore. Ask whether a relationship manager's recommendations fall under an advisory mandate that carries a duty of care, since the Appellate Division held in August 2025 that the bank owed none for a fund recommended outside its paid advisory service.
Singapore. Ask what the bank changed in its AML/CFT controls after the composition penalty imposed by the Monetary Authority of Singapore in July 2025, and whether any remediation is still open.
United Arab Emirates. Ask whether any part of your relationship was transferred from Credit Suisse, and whether it was booked in the legacy Singapore centre covered by the non-prosecution agreement of May 2025.
Luxembourg. Ask whether accounts transferred from Credit Suisse (Luxembourg) S.A. in the October 2024 merger kept their terms, custody arrangements and relationship managers after the job cuts of 2024 and 2025.
Monaco. Ask whether UBS (Monaco) S.A. has appealed the AMSF decision of 28 April 2026, and what it changed in the corroboration of source of wealth and funds that the decision found deficient.
Monaco. Ask how many staff now handle transaction-monitoring alerts, given the 2024 inspection finding, reported by Bloomberg, that too few did.
Financial standing
Credit ratings published by the agencies for the companies named in the centre files, dated by the latest agency or bank document that confirms them
finews.ch, citing the Financial Times, reported that then-Chancellor Rachel Reeves had pressed UBS to move its headquarters and listing to London if it left Switzerland, and UBS said it intends to stay.
A Rosemont note on three recent AMSF sanctions states that the EUR 6 million decision against UBS (Monaco) S.A. was ordered to be published by name for five years and may be appealed.
The Federal Council opened a consultation, running to 19 November 2026, on the rest of the too-big-to-fail package, including a senior-manager accountability regime, bonus clawbacks and FINMA fines of up to 10 percent of annual operating revenue.
UBS Financial Services Inc., the group's US broker-dealer, agreed to pay USD 125 million to FinCEN, the SEC, FINRA and the CFTC over anti-money laundering violations, which UBS called a legacy matter.
FinCEN fined the US broker-dealer UBS Financial Services Inc. USD 125 million for wilful anti-money laundering violations, including failure to monitor more than USD 10 billion in foreign currency wires.
Credit Suisse Securities (USA) LLC, a UBS Group affiliate, agreed on 1 August 2025 to pay USD 300 million to the US Department of Justice to close the remaining consumer-relief obligations of Credit Suisse's 2017 RMBS settlement.
Swiss private clients who lost money on US dollar derivatives sold by UBS advisers filed criminal complaints in Zurich and were preparing civil claims, while UBS negotiated goodwill payments with some of them.
The Monetary Authority of Singapore penalised UBS, Singapore Branch SGD 3 million and Credit Suisse's Singapore branch SGD 5.8 million after examinations linked to the money laundering case that emerged in August 2023.
The Zurich Commercial Court ordered on 18 June 2025 an independent going-concern valuation of Credit Suisse in more than 30 lawsuits by former shareholders challenging the 22.48:1 exchange ratio.
OCCRP reported that Credit Suisse Services AG, now part of UBS Group, would pay USD 511 million after pleading guilty in a US tax evasion case covering at least 475 accounts from 2010 to 2021.
The High Court sanctioned the transfer of substantially all of the banking and wealth management business of Credit Suisse (UK) Ltd to UBS AG London Branch.
UBS completed the merger of Credit Suisse (Luxembourg) S.A. into UBS Europe SE, integrating it into the Luxembourg branch, with Christian Borner as country head.
UBS signed a social plan with the unions Aleba, LCGB and OGBL covering about 150 Luxembourg jobs, in waves from July 2024 and early 2025, as six legal entities were merged.
The holding companies of UBS and Credit Suisse entered into a definitive merger agreement, with completion expected in 2024 subject to regulatory approval.
SRF reported on 24 July 2023 that UBS would pay about USD 388 million to the Federal Reserve and the UK Prudential Regulation Authority over Credit Suisse's Archegos losses, and that FINMA closed its own case.
What it costs
What UBS charges, centre by centre
Fees are set by each booking entity, so they are shown centre by centre. Three of the seven centres of UBS publish a fee schedule, read on 6 November 2026 from the documents linked under each table. To compare banks fairly we put every published fee in US dollars at the same indicative rates and apply it to the same reference amounts, then rate each fee against the average of the other banks that publish it. Five stars is the lowest fee, one star the highest. Terms a family actually negotiates are often different, and a bank can change its schedule at any time.
The published fees side by side
Fee
Switzerland
Singapore
Monaco
Other banks
Custody and safekeepingeffective rate on USD 25 million
0.33% a year
Not in the schedule
0.59% a year
0.29% a yearaverage of 38 other banks
Equity tradecommission on a USD 250,000 trade, major exchange
0.80%
0.20%
1.50%
0.80%average of 47 other banks
Bond tradecommission on a USD 500,000 trade
0.40%
Not in the schedule
Not in the schedule
0.96%average of 42 other banks
Third party fund subscriptionfee on a USD 250,000 subscription
0.80%
1.00%
2.50%
1.39%average of 42 other banks
Currency conversionmargin on a USD 1 million spot conversion
0.78%
0.40%
Not in the schedule
0.71%average of 30 other banks
Account maintenanceper year
USD 45 a year
Not in the schedule
Not in the schedule
Not compared
Outgoing international transferper transfer, standard
USD 6
Not in the schedule
USD 57
USD 57average of 61 other banks
Transfer of securities to another bankper position
USD 125
Not in the schedule
USD 115
USD 126average of 38 other banks
Closing the accountone off
USD 0
Not in the schedule
USD 2,300
USD 636average of 21 other banks
Minimum annual feeper year, or fee below the asset threshold
Not in the schedule
Not in the schedule
USD 2,300 a year
USD 4,391 a yearaverage of 38 other banks
Each fee is rated against the average of the other banks that publish it: five stars is the lowest, one star the highest. The schedules, their dates and what each leaves out are listed centre by centre below.
Not in the published schedule: custody and safekeeping, discretionary mandate, advisory mandate, bond trade, account maintenance, minimum annual fee, outgoing international transfer, transfer of securities to another bank, closing the account, lombard loan margin.
How the comparison works: USD 25 million booked with the bank: half under a discretionary balanced mandate, half in custody with advice; 24 equity trades of USD 250,000 and 8 bond trades of USD 500,000 a year; 6 currency conversions of USD 1 million; 24 outgoing international transfers. Tiered fees are applied to those amounts tranche by tranche, stated minimums are applied, and amounts are converted at indicative rates of 2026-11-06. Read how we compare fees.
The bank at a glance
Identity, protection and services
Ownership
Group parentUBS Group AG (listed, SIX (also NYSE)) Source
ControlWidely held; no shareholder with 10% or more Source (30 September 2026)
Disclosed holdings of 3% or moreBlackRock Inc., New York 5.01% Source (30 November 2023)
Ownership is shown as published, with its date. It describes who owns the bank; it does not, by itself, suggest any wrongdoing by the bank or its owners.
Booking entities
SwitzerlandUBS Switzerland AGFINMA · Locally incorporated subsidiary · LEI 549300WOIFUSNYH0FL22Licence: Bank Source
United KingdomUBS AG (London Branch)FINMA (home); PRA and FCA (UK branch) · Branch of UBS AG (Zurich and Basel)Licence: UK branch of an overseas bank authorised to accept deposits (FRN 186958) Source
Hong KongUBS AG (Hong Kong Branch)HKMA (banking, as a licensed bank incorporated outside Hong Kong); SFC (registered institution); home supervisor FINMA · Branch of UBS AGLicence: Licensed bank, incorporated outside Hong Kong (branch of UBS AG, Switzerland) Source
SingaporeUBS AG, Singapore BranchMAS (branch); FINMA (head office, UBS AG) · Branch of UBS AGLicence: Wholesale Bank (branch of a foreign bank); also Exempt Capital Markets Services Entity, Exempt Financial Adviser, Exempt Trust Company Source
United Arab EmiratesUBS AG Dubai BranchDFSA · Branch of UBS AGLicence: DFSA-regulated branch, reference F000321 Source
LuxembourgUBS Europe SE, Luxembourg BranchBaFin/ECB (home, licence holder UBS Europe SE, Frankfurt; ECB significant institution); CSSF (host) · Branch of UBS Europe SE, Frankfurt am Main (LEI 5299007QVIQ7IO64NX37)Licence: Luxembourg branch of UBS Europe SE (German SE, credit institution) Source
MonacoUBS (Monaco) S.A.ACPR (banking licence and prudential supervision); CCAF (investment services); AMSF (AML/CFT) · Locally incorporated subsidiary · LEI 213800EZQ98FF1ZGV445Licence: Credit institution (bank) established in Monaco; FGDR member (CIB 11999) Source
Financial strength, as reported
Credit ratingsFitch AA; S&P A+; Moody's Aa2 (UBS AG (parent))
CET1 ratio12.91%; total assets CHF 500,746m (31 Dec 2025) Source
Offered at one or more booking centresOffered by the group, not confirmed at a centreNot located, which does not mean unavailable Checked on the bank's own pages for each centre.
Access and costs
Minimum relationshipSwitzerland:Not published United Kingdom:Not published Hong Kong:Not published Singapore:Not published United Arab Emirates:Not published Luxembourg:Not published Monaco:Not published
US personsSwitzerland: Not published United Kingdom: Not published Hong Kong: Not published Singapore: Not published United Arab Emirates: Not published Luxembourg: Not published Monaco: Not published
Fee scheduleSwitzerland: Published, May 2026 SourceCompared below United Kingdom:Not published Hong Kong:Not published Singapore: Published SourceCompared below United Arab Emirates:Not published Luxembourg:Not published Monaco: Published, January 2025 SourceCompared below
Third party paymentsSwitzerland: Published Source United Kingdom: Not published Hong Kong: Not published Singapore: Not published United Arab Emirates: Not published Luxembourg: Published Source Monaco: Not published
Transfer out termsSwitzerland: Published Source United Kingdom: Not published Hong Kong: Not published Singapore: Not published United Arab Emirates: Not published Luxembourg: Not published Monaco: Not published
Protection of client assets
Deposit protectionSwitzerland: All banks with a Swiss office must be members of esisuisse: privileged deposits are protected up to CHF 100,000 per client per bank, including non-resident clients and foreign currency deposits, within a system cap. United Kingdom, Hong Kong and United Arab Emirates: Not published Singapore: Wholesale banks and merchant banks are not members of the SDIC Deposit Insurance Scheme, so deposits booked here carry no Singapore deposit insurance. Only eligible Singapore-dollar deposits are insured; deposits in US dollars or other currencies are not covered. Luxembourg: A Luxembourg branch of a bank from another EU state is covered by its home state scheme, not the FGDL; the home scheme limit is also EUR 100,000. Monaco: Banks with their head office in Monaco are covered by the French FGDR: EUR 100,000 per customer per institution, seven working days.
Custody lawSwitzerland: Swiss Banking Act art. 37d: custody assets held for clients are separated from the bankrupt bank's estate and handed over to the clients, with privileged deposits protected under arts. 37a and 37h. United Kingdom: Custody assets and client money are protected under the FCA Client Assets Sourcebook (CASS 6 and CASS 7, statutory trust for client money), made under the Financial Services and Markets Act 2000. Consent rules for use of custody assets sit in CASS, which is regulatory rule text rather than primary statute. Hong Kong: Client securities held by licensed or registered persons must be safeguarded under the Securities and Futures Ordinance and the Securities and Futures (Client Securities) Rules, as referenced in SFC Code of Conduct para 11.1. Singapore, United Arab Emirates and Monaco: Not published Luxembourg: Law of 1 August 2001 on the circulation of securities: securities held on account are an intangible interest of the account holders and are claimed collectively from the liquidator, with any shortfall shared pro rata (Arts 3(1), 10(1), 10(2)). Rules on re-use were not located in the statute text read.
Custody termsSwitzerland: Published Source United Kingdom, Hong Kong, Singapore and United Arab Emirates: Not published Luxembourg: Published Source Monaco: Published Source
Before opening an account
Which sub-custodians may hold our assets, and what terms govern lending or reuse? Switzerland
What written suitability assessment and downside analysis would we receive before buying a structured product? Switzerland
Custody agreement. The applicable legal framework is set out above. Ask for the agreement that would govern your account and check how securities are titled, whether any sub-custodian is used, and when the bank may take a lien. United Kingdom, Hong Kong, Singapore and United Arab Emirates
Reporting to the family office. The bank lists a desk for external asset managers. Ask for a sample statement or data export and confirm whether it includes positions, transactions, accrued income and all currencies held. United Kingdom and Singapore
Transferring assets out. Ask which positions can be transferred without selling them, who approves exceptions, and how charges are calculated for each position and market. United Kingdom, Hong Kong and United Arab Emirates
A portfolio-backed credit line. If you intend to borrow against the portfolio, ask for the eligibility and haircut schedule, the margin-call timetable and the charges for holding or transferring pledged securities. Hong Kong and Monaco
Currency conversion. The fee comparison shows a published maximum of 0.40% for the reference FX transaction. Ask for the spread on your usual currency pairs and trade sizes, with the benchmark rate named in the quote. See published fees. Singapore
Cross-border eligibility. If a settlor, beneficiary or beneficial owner has U.S. ties, ask the named entity to confirm eligibility for your structure and which investment services it can provide. United Arab Emirates
Moving the portfolio. Ask the bank to review a sample list of your holdings and identify which it could transfer in specie. Request a written schedule of exit charges, including charges levied by any sub-custodian. Luxembourg and Monaco
Trust accounts. The group describes fiduciary services. Ask whether the entity named in this profile can open the proposed trust account and which company would act as trustee, custodian and adviser. Luxembourg
Written pricing. Ask for a quote that covers the account you would actually open, including fees charged by third parties and the cost of moving assets out. Luxembourg
Exit costs. The fee comparison shows USD 115 per position for a securities transfer. Ask what rate would apply to your mandate and whether the receiving bank or a sub-custodian would charge separately. See published fees. Monaco
Your experience
Rate UBS
If you bank with UBS in any of its booking centres, or advise clients who do, your experience forms part of its PPLI.com rating. Please say which centre you deal with. Every response is read by the editor and treated in strict confidence.
Before we publish a significant negative finding that is not already public, we give the bank the facts and time to comment, on the same timetable for every bank. Decisions of regulators and courts are shown as they were published. Corrections we verify are published with the date of the change. Write to [email protected] quoting the reference of the booking centre concerned: Switzerland BK-CH-UBS-SWITZERLAND-E6BF9B; United Kingdom BK-GB-UBS-UK-BC1E93; Hong Kong BK-HK-UBS-HK-6163D6; Singapore BK-SG-UBS-SINGAPORE-BF7A6E; United Arab Emirates BK-AE-UBS-DIFC-81617B; Luxembourg BK-LU-UBS-EUROPE-10C5FA; Monaco BK-MC-UBS-MONACO-E6D575.
Reviewing this file with us
Families and their advisers read this file before they open an account. It can only be as complete as the documents we can find, and much of what sets a private bank apart, from its custody terms to the way a client team works, is rarely published.
If you represent UBS, one of our Bank Intelligence analysts can go through the file with you: correct anything that is out of date, add terms and documents that are not yet public, and set out what has improved since our last edition. The review is a paid engagement for the analyst's time and research.
The rating itself stays with our editor and follows what the documents show, so we cannot promise a particular result. When a review changes the file, this page notes that the bank took part, with the date and what was added.
Brought together by the PPLI.com research desk from the files of its booking centres and the public sources listed. The rating is our editorial opinion; read how the overall rating is built.
Important information. Editorial opinion of PPLI.com on the date shown, based on public information, client experience and editorial judgment. Not a statement of fact, a credit rating or investment, legal, tax or financial advice; verify with the bank and your own advisers before acting. No liability is accepted for reliance on this content. Bank names and logos are used for identification only. Ratings are updated every quarter. This is the Q4 2026 edition, and a rating can change between editions if something material happens. Full disclaimer
Rating signed by Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026Methodology 2.4Overall rating weighted by UHNW client ratings
Read our Privacy Policy before submitting. Share only the information needed to describe your question; do not include medical records or account credentials.
