Fed fines UBS for violating US trade sanctions
New York –- The Federal Reserve Board (Fed) has slapped a $100 million fine on Switzerland's largest bank, UBS, for violating US trade sanctions.
UBS violated an agreement in which it had promised not to deliver, accept or deposit US dollar banknotes into or out of the New York Federal Reserve (NY FED) depot to or from clients in countries facing US trade sanctions. The Swiss bank was found guilty of entering into transactions with banks from Cuba, Libya, Iran and Yugoslavia.
The agreement is part of the Extended Custodial Inventory
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