UBS logo on building This isn’t the first time UBS has had to seek permission to keep managing money for U.S. retirees. The Swiss institution was one of several U.S. and foreign banks that were forced to apply for similar waivers following convictions in 2016.(Photo: Bloomberg)

(Bloomberg) –The U.S. Labor Department is granting UBS Group AG permission to continue managing U.S. pensions unhindered for one year despite a new criminal conviction in France, while cautioning the Swiss banking giant that a future conviction anywhere in the world could jeopardize that status.

The regulator issued its warning Tuesday after a French court convicted UBS this month of helping French citizens stash funds in undeclared Swiss accounts. The court ordered the bank to pay more than 4.5 billion euros ($5.12 billion).

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.