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  1. Wealth
April 6, 2009

AFP: UBS bans overseas travel for WM advisors

By Spear's

GENEVA (AFP) Switzerland’s embattled bank UBS has banned wealth management advisors from making business trips abroad to see foreign clients, a spokeswoman for the bank said Sunday.

From the AFP:

GENEVA (AFP) — Switzerland’s embattled bank UBS has banned wealth management advisors from making business trips abroad to see foreign clients, a spokeswoman for the bank said Sunday.

Swiss media reported that about 1,000 UBS staff were ordered in the past week to rely on e-mail or telephone contacts with clients abroad, amid fears that they might fall foul of a tax crackdown by foreign regulators.

“I can confirm there is a travel ban for client-facing wealth management staff,” UBS spokeswoman Eveline Mueller told AFP.

“We are currently conducting a comprehensive review of the policy and compliance framework in international wealth management,” she added.

Mueller said the suspension would remain in place at least while the review of the “complex international regulatory environment” was underway. She declined to give further details.

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