FEATURED: ‘ UBS pays $1.7 mn for ‘apparent’ sanctions violations ‘

The Treasury's Office of Foreign Assets Control said UBS had handled 222 US securities transactions worth $2.5 million between 2008 and 2013 on behalf of an individual client who was blacklisted under US sanctions#AceNewsReport – Aug.27: The Swiss bank UBS has agreed to pay US authorities $1.7 million to settle “apparent” violations of rules banning transactions benefiting officially designated terrorists, the Treasury Department said Thursday.

The Treasury’s Office of Foreign Assets Control said the bank had handled 222 US securities transactions worth $2.5 million between 2008 and 2013 on behalf of an individual client who was blacklisted by OFAC under US sanctions.

The UBS settlement agreement with OFAC labeled the transactions “apparent” because UBS at the time had considered them internal to the bank and so not in violation of US rules.

Original Article: http://news.yahoo.com/ubs-pays-1-7-mn-apparent-sanctions-violations-202042051.html

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MARKETS: Asia stocks take heart from Wall Street rally, China gains

#AceMarketsNews TOKYO:Aug.27: Asian stocks extended gains on Thursday as a sharp rebound on Wall Street and gains in battered Chinese shares eased fears of a deep and protracted global market rout, while the dollar rallied as risk aversion eased (Reuters) reported.

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