Italian Authorities Seek Information From Swiss Banks Following UBS Fine
Italian financial police, Guardia di Finanza, have written to Swiss lenders requesting that they provide information about any bankers they have working in Italy.
In a survey sent to unspecified banks in January 2019, the authorities requested information about their Italian units, local relationship managers and a breakdown of how their Italian clients’ assets are managed.
The requests were sent just weeks before a decision by a French court to fine UBS AG, Switzerland’s largest bank, €4.5 billion after they were found guilty of aggravated money laundering on the proceeds of tax fraud and illegal bank soliciting. UBS has indicated that it intends to appeal the decision, with which it “strongly disagrees”.
The Guardia di Finanza has demanded that all recipients respond to the survey within 20 days of their sending.