Banks must comply with US, EU, and UK sanctions in addition to local regulations, Swissinfo reports G7 countries, particularly the US, have questioned whether Switzerland is doing all it can to track Russian assets stashed away in bank vaults, Swissinfo reported. Swiss banks complain that on top of existing tax evasion and money laundering regulations, they now have to comply with US, EU, and UK sanctions. The situation is particularly complicated and challenging for banks with multiple branches abroad. “Contradictions between sanctions regimes [of the US, EU, and UK] are repeatedly leading to major difficulties w
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