UBS closes all of a businessman’s business accounts. It later emerges that the bank has reported him to the money laundering office.
Author: Stephan Rathgeb
10.08.2024, 07:08
It all starts with the application for a mortgage: “I had to answer a lot of questions in writing. I quickly realized that the advisor didn’t understand what we were doing,” says entrepreneur Bruno Rosset.
Bruno Rosset founded a start-up in 2022. He brokers innovative and experimental cancer therapies to doctors in Germany – treatments that are approved there. He made five million in sales in 2023. “I offered UBS that I would come over and bring the documents.” Instead, he got all his accounts closed. “I was extremely shocked. I was afraid that I would lose the company.”
Suspicion of fraud
He tried to find another bank. “I contacted one bank after another – and received a total of 32 rejections from Swiss banks.” For two months, Rosset’s company was unable to transfer wages, pay bills or receive customer funds.
Caption: The trained pharmacist has already experienced a lot. Bruno Rosset was on the board of the pharmaceutical association Interpharma, a manager at the biotech company Serono and set up a reproductive clinic in the Emirates. SRF
“A life without a bank relationship in Switzerland is almost impossible,” says banking specialist Peter V. Kunz, professor of business law at the University of Bern. Rosset only recently learned that UBS had reported him to the Money Laundering Reporting Office. The report lists suspicions of usury, fraud and violation of the Medicines Act.
The Money Laundering Reporting Office at the Federal Office of Police classified UBS’s suspicions as well-founded – and forwarded the case to the St. Gallen public prosecutor’s office for investigation.
Fedpol: “Focus on serious crime”
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Of the almost 12,000 reports from banks in 2023, Fedpol has forwarded only a small part of them to the cantonal public prosecutors’ offices, namely 866. Fedpol writes: “Due to the increase in suspicious activity reports, MROS must set priorities and triage the reports according to risk. The focus is on serious crime, organized crime, terrorist financing and certain forms of economic crime.”
Legally cleared
The public prosecutor investigates the case – and finds absolutely nothing. He buries the Rosset case with a non-procedure order. The public prosecutor states that Rosset is not violating the Medicines Act, and that the offenses of usury and fraud are “clearly not met.” “I have rarely seen such a clear non-procedure order,” says Peter V. Kunz.
Caption: In the case of both usury and fraud, the public prosecutor states that the elements of the offense are “clearly not met.” srf
Rosset has thus been legally cleared of the above-mentioned allegations. After two months without a bank account, he managed to open one at Commerzbank in Germany – and at the internet bank WISE. After the proceedings were concluded, Postfinance also offered him an account.
The horror of what happened is deep: “Of all things, your own bank is reporting you because they are not able to understand what you are doing.” Bruno Rosset has released UBS in writing from its banking confidentiality so that it can provide information to SRF. UBS only responds in writing. It says nothing about the specific allegations.
UBS’s response
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Specifically, the bank writes: “UBS does not comment on possible customer relationships. Any reports to the MROS reporting office are subject to an indefinite ban on reporting or information.”
Peter V. Kunz replies: “If the bank customer waives customer confidentiality towards UBS, they can talk to UBS without any problems.”
More and more customers are being reported
The entrepreneur’s case is not an isolated one in Switzerland. Swiss banks are increasingly reporting their customers to the Federal Office of Police.
What is behind the high increase in reports? “The pressure on the banks and the authorities has increased,” says Peter V. Kunz. “People want to avoid making any mistakes and say to themselves: if in doubt, I’ll report it. Then I can at least say that I’ve done everything I could.” UBS writes: “UBS always complies with its obligations under financial market law and strictly adheres to all laws and regulations in all jurisdictions in which it operates.”
There is no right to a bank account in Switzerland. Even Postfinance only has to allow you to make domestic payments. But only if no proceedings are pending. Bruno Rosset found this out the hard way.
