“The recent reporting on an alleged probe by the US Department of Justice into sanctions-related compliance failures at Credit Suisse and UBS is inaccurate. We’re not aware of such a probe,” UBS told CNN in a statement. “UBS and CS have significantly and proactively reduced their Russia-related exposure.”According to a person familiar with the matter, UBS has been in touch with the DOJ regarding the reported probe. The bank’s reaction comes on the heels of a Bloomberg report, which cited anonymous people familiar with the matter and asserted the Justice Department had briefed lawyers for UBS (UBS) about Credit Suisse’s alleged involvement in sanctions violations. CNN reached out to the Justice Department for comment but has not received a response.

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Persons: “, Suisse’s, Drew Sullivan, ”, ” Sen, Ben Cardin Organizations: CNN, UBS, US Department of Justice, Credit Suisse, “ UBS, CS, DOJ, Bloomberg, Department, Justice Department, Swiss Bankers Association, Security, Cooperation, US, US Helsinki Commission, “, Swiss Stock Exchange Locations: Swiss, Russia, Europe, US Helsinki, Ukraine, Maryland, Switzerland