Prominent bank’s branches raided as part of a money-laundering probe

As part of an ongoing investigation, German officials recently raided the Frankfurt and Munich branches of Swiss-based UBS bank,?based on suspected money laundering activities by Alisher Usmanov, a prominent Russian oligarch.

Widespread media reports stated that the bank confirmed the raid earlier this week and indicated that they are working with the authorities. According to German officials the investigation is not aimed at the bank or its employees but focussed on the activities of UBS bank accounts that are linked to Usmanov. Officials stated that the suspected money laundering is estimated to include millions of euros. They further indicated that the investigative measures taken follow the same preliminary steps as the searches which took place at Usmanov’s residence in the district of Miesbach in southern Bavaria and on his yacht in Northern Germany.?

The German authorities also stated that the accused is suspected of disguising the origin of several transactions that took place during a period spanning from 2017 to 2022. According to Forbes, Usmanov is active across a range of business sectors and his net worth is estimated at $14.6 billion.?

Breaking the cycle?

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Therefore, Lysis Group has the experience and expertise to help firms manage their screening and monitoring requirements in a cost-effective manner. We provide analysts with vast experience and a thorough understanding of anti-money laundering (AML) and financial crime controls within the financial services industry and other regulated industries such as the crypto asset industry.?