11:07 AM EDT, 07/30/2024 (MT Newswires) -- UBS (UBS) was being scrutinized by the Swiss Financial Market Supervisory Authority on how the company vets risky wealthy customers that it wants to transfer from Credit Suisse, Reuters reported Tuesday, citing unnamed sources with knowledge of the matter.

Earlier this year, FINMA reviewed the methods that UBS applied to vet Credit Suisse's wealth management clients, the sources told Reuters. However, the news outlet said it could not establish whether FINMA has asked UBS to take specific actions based on the reviews.

The Swiss regulator may conduct further reviews as the integration of UBS and Credit Suisse continues, the report said.

FINMA told Reuters that the merger between the banks is a top supervisory concern and that it is closely monitoring financial and non-financial risks.

Meanwhile, a UBS spokesperson told Reuters that as the bank "prepares for the transition of Credit Suisse clients onto its platforms, UBS upholds the stringent client due diligent procedures it already had in place prior to the acquisition."

UBS and FINMA didn't immediately respond to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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