Swiss banking giant UBS has banned travel for over 1,000 financial advisers as the company reviews its policies, following a scandal in which the bank admitted helping some of its customers evade taxes.
“Last week, we issued a general travel ban for all staff with client contact in international wealth management,” a spokeswoman for the bank told Reuters.
This is an immediate step to reduce compliance risk. We are conducting the review because of the complex regulatory environment of UBS international wealth management, she said.
On Sunday, Swiss newspaper Sonnstags Blick first reported the development.
UBS has already said it will discontinue its offshore banking and securities services to U.S. residents, and has banned travel for advisers.