Money laundering prevention

The Group Money Laundering Prevention Unit (GMLPU) leads UBS Group’s overall efforts in all aspects of money laundering prevention (including Terrorism Finance, Sanctions and Anti-Bribery).

GMLPU supports the Group General Counsel and the Head of Group Compliance in their functional responsibilities by, in conjunction with the compliance functions in the Business Divisions, providing reasonable assurance that UBS meets relevant regulatory and professional standards in the conduct of business and defining (where considered appropriate) uniformly applicable minimum standards for AML as a whole.

GMLPU has a general obligation to monitor key AML risks and oversees and coordinates the Group's management and control of AML risks so as to ensure efficiency and consistency throughout the Group and protect the Group's reputation. Business Divisions, exercising common sense, are expected promptly to inform GMLPU of all material AML issues that may affect UBS. The GMLPU coordinates its work via various committees and specialist networks, the core one being the Global AML Committee.

Anti-corruption policies and procedures are in place in all Business Divisions which aim to prevent bribery occurring in UBS's own operations. These policies are derived from the standards that are set out in the Group Policy Against Corruption which was revised and re-issued in 2008 together with the Group Policy on Gifts and Business Entertainment. All Business Divisions reviewed their respective policies and procedures to ensure compliance with the Group standards. This resulted in various actions which are now substantially completed, progress continues to be monitored by the cross Business Division Anti-Corruption Network (ACN). The ACN is also mandated to address specific areas that may need more detailed standards and for these to be implemented across the bank where practicable.