Apr 06 2009
No more travels abroad
Swiss media reported that about 1,000 UBS staff were ordered in the past week to rely on e-mail or telephone contacts with clients abroad, amid fears that they might fall foul of a tax crackdown by foreign regulators. "I can confirm there is a travel ban for client-facing wealth management staff," UBS spokeswoman Eveline Mueller told AFP. "We are currently conducting a comprehensive review of the policy and compliance framework in international wealth management," she added. Mueller said the suspension would remain in place at least while the review of the "complex international regulatory environment" was underway. She declined to give further details. The review was understood to be international in scope and not confined to a particular region. UBS is the first Swiss bank to publicly confirm a provisional ban on business travel to advise clients abroad.
