UBS AG has reached a resolution regarding its cross-border business activities in France that took place between 2004 and 2012. The bank agreed to pay a total of EUR835 million, which includes a fine of EUR730 million and EUR105 million in civil damages to the French State.
This settlement follows a 2023 decision by the French Supreme Court, which upheld the Paris Court of Appeal’s finding that UBS was guilty of unlawful client solicitation and aggravated money laundering. However, the court sent the matter of financial penalties and civil damages back to a lower court for reassessment.
"The resolution of this legacy case is in line with UBS’s intention to resolve such matters in the best interests of all its stakeholders," according to UBS AG.
The bank stated it is fully provisioned for this matter.