reuters.com
www.reuters.com

cross-posted from: https://sh.itjust.works/post/57516981

How UBS (a Swiss banking giant) helped Epstein accomplice Maxwell buy her hideout, ‘Tucked Away’

In rural New Hampshire, a compound on a 156‑acre estate dubbed “Tucked Away” became Ghislaine Maxwell’s final residence before she was charged and arrested in July 2020.

Behind the cash purchase of the $1.1 million home in December 2019 were funds sent by Swiss banking giant UBS on Maxwell’s ​behalf a month earlier, documents in a cache of files released by the Department of Justice related to the convicted sex offender Jeffrey Epstein show. The money then cascaded through a web of trusts and banks to buy the secluded property as she sought to go into hiding.

UBS processed ‌the transfer for an account linked to Maxwell three months after U.S. criminal investigators issued the bank a grand jury subpoena, opens new tab to divulge information on all her financial dealings on August 16 that year, citing an investigation into sex trafficking of children. UBS told Maxwell by email, opens new tab on August 1 that it would cease doing business with her within a month, without giving a reason.

Banks are required to show they take measures to prevent their services being used to facilitate crime. Failures can lead to large penalties by regulators, legal action from victims and costly reputational damage. Lenders must closely monitor high-risk customers and curb or cut their services if they suspect dubious activities.

    • misk@piefed.socialOPEnglish
      2·
      7 days ago

      I work at a bank and I’m only slightly offended. These days you’re likely to get the whistle blown unless you’re dealing with some massive conspiracy (sooo the usual for UBS, Danske Bank and Deutsche Bank). Just few days ago I was asking a compliance officer about the data I couldn’t understand and he told me I was looking at financial crime and filed a SAR which shows how much of this depends on the company culture.