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).

Like all parties that manage pensions overseen by the Labor Department, UBS must obtain a waiver to continue those operations uninterrupted after certain criminal convictions, regardless of where they occur. UBS oversees $11.5 billion in U.S. pensions as part of $781 billion in assets under management globally, according to the bank.