UBS Says 'No Choice' But To Fight French AML Charges

Law360, London (May 2, 2019, 3:53 PM BST) -- The head of UBS Group has defended the Swiss bank’s decision to go to court in France to fight money laundering charges, telling shareholders on Thursday that the lender had not been able to reach an acceptable settlement with French authorities.

Axel Weber, chairman of UBS Group AG, said his bank was right to contest allegations that it had illegally solicited clients and laundered the proceeds of tax evasion as he spoke at the company's annual shareholder meeting in Basel, Switzerland. The bank was fined €3.7 billion ($4.1 billion) by a Paris court in February.

“In the past, we were able to resolve...

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