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  1. Wealth
December 7, 2009

Reuters: UBS advisers now allowed to go abroad

By Spear's

ZURICH, Dec 6 (Reuters) – Switzerland’s UBS(UBS.N: 行情)(UBSN.VX: 行情) has lifted a ban on Swiss-based client advisors travelling abroad, provided they agree to stick to company guidelines, Swiss paper NZZ am Sonntag reported.

ZURICH, Dec 6 (Reuters) – Switzerland’s UBS(UBS.N: 行情)(UBSN.VX: 行情) has lifted a ban on Swiss-based client advisors travelling abroad, provided they agree to stick to company guidelines, Swiss paper NZZ am Sonntag reported.

The bank made the decision in April to stop all staff with client contact in international wealth management from travelling on concerns they could be detained by foreign authorities amid a high-profile tax case in the United States.

A UBS spokeswoman told Reuters the ban had been imposed temporarily while the company reviewed its cross-border policy.

Advisers had been travelling again for some time, provided they had been trained in and tested on the company’s guidelines for the individual country they were visiting and had also agreed to comply with these rules.

“We reviewed our whole cross-border policy and during that time people weren’t allowed to travel,” she said. “Once we had the crossboarder policy, we had to look at each country in turn.”

UBS introduced the ban after U.S. authorities detained a senior UBS employee as part of a probe into whether the bank helped U.S. clients evade tax through Swiss bank accounts.

To read the full story, visit reuters.com

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