U.S. officials detained a senior banker at Swiss bank UBS as part of an investigation to see if the bank helped its American clients evade taxes, the Financial Times reported.

The head of the bank's North and South America wealth management business, Martin Liechti was held in connection with the U.S. Justice Department investigation which is investigating if the company's investment advice to U.S. clients from 2000 to 2007.

The bank also confirmed to FT that it is also being investigated by U.S. securities regulators to see if UBS client advisers performed activities that would requireUBS Switzerland to register as a broker-dealer and/or investment adviser with the Securities and Exchange Commission.

UBS would not confirm the identity of the official but said the person being held was under a 'material witness' warrant.

Investment