French tax fraud verdict costs UBS $4.1bn of additional op RWAs

Extra capital charges will be split across the first six months of the year

UBS is taking on an additional $4.1 billion in operational risk-weighted assets (RWAs) after the French Court of Appeal found it guilty of unlawful solicitation and aggravated laundering of the proceeds of tax fraud.

The bank booked $2.1 billion of operational RWAs in the first quarter, with another $2 billion to be absorbed in Q2.

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The new charges arose after the French Court of Appeal found UBS guilty on December 13, 2021, imposed a fine of €3.75 million ($3.9 million), ordered the

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