ubs - Blog - Global Risk Community2024-03-28T17:26:01Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/ubsFile an FBAR or Find Yourself Behind Barshttps://globalriskcommunity.com/profiles/blogs/file-an-fbar-or-find-yourself-behind-bars2014-04-28T12:00:48.000Z2014-04-28T12:00:48.000ZJames McCallumhttps://globalriskcommunity.com/members/JamesMcCallum<div><div class="separator" style="clear:both;text-align:center;"><a href="http://1.bp.blogspot.com/-NJs3WoO30VE/UzGXLstEUDI/AAAAAAAAEv0/kOWO1hx87hU/s1600/fbar+screen.png" style="clear:left;float:left;margin-bottom:1em;margin-right:1em;"><img border="0" src="http://1.bp.blogspot.com/-NJs3WoO30VE/UzGXLstEUDI/AAAAAAAAEv0/kOWO1hx87hU/s1600/fbar+screen.png" height="320" width="192" alt="fbar+screen.png" /></a></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">A few years ago the IRS offered a tax amnesty program for US citizens who failed to declare assets held in foreign bank accounts. This came on the heels of a highly publicized legal action against UBS. The IRS forced the Swiss based bank to turn over the account information of US citizens. The IRS was clamping down on tax evaders, exploiting the protection of Switzerland's bank secrecy laws to hide income and assets. The IRS was looking to determine if FBARs had been filed by the banks American clients.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Individuals and corporations with assets greater then $10,000 held in foreign bank accounts must file a Foreign Bank Account Report (FBAR) with the IRS or face potential legal action.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">UBS counted 52,000 US citizens as private banking clients. It would be safe to assume that most of those accounts had balances greater then the $10,000 declaration threshold. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Any US investor participating in a foreign based fund partnership or investment vehicle must also file an FBAR. High Net Worth (HNW) investors and their tax advisers should conduct due diligence on private bankers and asset managers to confirm that FBARs and appropriate declarations and forms have been filed by investment partnerships and their administrators. HNW tax advisers should contact the chief compliance officer at the fund to request an attestation letter stating that the fund is in full compliance with foreign bank reporting requirements.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Bernie Madoff and Sir Allen Stanford may look good in orange prison jumpsuits but that doesn't mean it will look good on you. Don't become a slave to fashion. Get compliant. Check with your tax adviser to make sure FBARs are filed.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Get compliant and file an FBAR with Sum2's AML SAR Filing BSA Reporting App. The app is used by financial institutions, compliance professionals and industry service providers to comply with Anti-Money Laundering (AML) best practice provisions and regulations. Protect your clients and your business from money laundering risk with this critical compliance application.</span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Since 2002, Sum2's AML compliance products have helped investment managers, broker dealers, MSB's, banks and credit unions comply with the AML provisions of The Patriot Act, BSA Reporting and OECD best practices. </span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;">Get AML aware. Download AML SAR Filing / BSA Reporting App on Google Play</span>.</div><div style="text-align:justify;"></div><div><div><table cellspacing="0" class="tr-caption-container" style="margin-left:auto;margin-right:auto;"><tbody><tr><td style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.rtken23.Sum2LLC.pacosar" style="clear:left;margin-bottom:1em;margin-left:auto;margin-right:auto;"><img alt="https://play.google.com/store/apps/details?id=com.rtken23.Sum2LLC.pacosar" border="0" src="http://3.bp.blogspot.com/-oCAoKr1I4wc/UzGcNIWr9fI/AAAAAAAAEwE/Cuc3k10zEPU/s1600/aml+sar+app+cover+100.png" /></a></td></tr><tr><td class="tr-caption" style="text-align:center;"><a href="https://play.google.com/store/apps/details?id=com.rtken23.Sum2LLC.pacosar">Get AML Aware</a></td></tr></tbody></table><div><span style="font-family:Arial, Helvetica, sans-serif;text-align:justify;">Risk: AML, FBAR, legal, compliance, tax, reputation, criminal prosecution, IRS, OECD, Patriot Act, MSB, private banking, hedge funds, CPA, UBS, Credit Unions, SAR filing, BSA Reporting</span></div><div><br /><div style="text-align:justify;"><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div><span style="font-family:Arial, Helvetica, sans-serif;"><br /></span></div></div></div></div></div>Is "radio silence" the best strategy for UBS after trading debacle?https://globalriskcommunity.com/profiles/blogs/is-radio-silence-the-best-strategy-for-ubs-after-trading-debacle2011-09-16T12:55:29.000Z2011-09-16T12:55:29.000ZRichard Mahonyhttps://globalriskcommunity.com/members/RichardMahony<div><p>UBS has remained oddly silent since its brief <a href="http://www.ubs.com/1/e/media_overview/media_switzerland/releases.html?newsId=195122" target="_blank">press release</a> announcing a $2 billion loss from unauthorized trades in London. The announcement chopped some $5 billion from the bank’s market cap, and neither CEO Oswald Grübel nor any other senior executive has addressed the matter.</p><p>It’s instructive to compare UBS’s public response to that of other banks involved in similar situations.</p><p>When Jérôme Kerviel’s trades racked up losses of $7.2 billion for Société Générale, its CEO, Daniel Bouton, faced the cameras and the critics head-on. He appeared at a press conference to announce the loss, and issued a detailed letter explaining the trades and how they ultimately were discovered. Bouton, whose offer to resign was rejected by the board, voluntarily suspended his salary for six months.</p><p>Similarly, after Allied Irish Bank found itself relieved of $750 million as a result of John Rusnak’s currency trades, it’s CEO, Michael Buckley, issued a <a href="http://www.aib.ie/servlet/ContentServer?pagename=PressOffice/AIB_Press_Releas/aib_po_d_press_releases-0_08&cid=1009883772540&poSection=AR&poSubSection=paDA&position=notfirst&rank=top&month=02&year=2002" target="_blank">statement</a> and held a conference call for investors and media.</p><p>The silence from UBS could mean that the bank doesn’t yet know how the losses occurred and how they were concealed for so long. If true, it spells trouble for the bank’s executives and means the crisis is far from over.</p><p>Yesterday, I recommended <a href="http://mahonypartners.wordpress.com/2011/09/15/the-3-things-ubs-must-do/" target="_blank">three steps</a> for UBS to begin to put the crisis behind it.</p></div>