UBS Switzerland AG

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.

defendant (group affiliate Credit Suisse Services AG)

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.

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.

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.

Measures ordered as listed; audit mandatary.

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.

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.

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.